The Income Effect of a Decrease in the Price of Macaroni

question 76

Multiple Choice

The income effect of a decrease in the price of macaroni and cheese (assume this is an inferior good) results in

• A) a decrease in the demand for macaroni and cheese.
• B) an increase in the quantity demanded of macaroni and cheese.
• C) a decrease in the quantity demanded of macaroni and cheese.
• D) an increase in the demand for macaroni and cheese.

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Definitions:

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