The Income Effect of an Increase in the Price of Backpacks

question 171

Multiple Choice

The income effect of an increase in the price of backpacks (a normal good) is a(n)

• A)decrease in the demand for backpacks
• B)decrease in the quantity demanded of backpacks
• C)increase in the demand for backpacks
• D)increase in the quantity demanded of backpacks
• E)new demand curve because everything else is no longer constant

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The scientific study of life and living organisms, including their structure, function, growth, evolution, and distribution.

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The actions or reactions of an organism or system, usually in response to external stimuli.

Oxytocin

A hormone and neurotransmitter involved in childbirth and lactation, also associated with behaviors like bonding, trust, and empathy.