If the Price of Your Cell Phone Service Increases from $70

question 65

Multiple Choice

If the price of your cell phone service increases from $70 to $105 over a period of one year and your income rises from $1,500 to $1,525,your nominal income has

• A)Increased,and your real income has increased.
• B)Increased,but your real income has decreased.
• C)Decreased,and your real income has decreased.
• D)Increased,but your real income has remained the same.

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