For a Renter,the Income Effect of an Increase in Apartment

question 67

Multiple Choice

For a renter,the income effect of an increase in apartment rents will:

• A)have a greater impact than the income effect of an increase in the price of a chewing gum.
• B)be almost negligible,because everything except price is assumed constant along a demand curve.
• C)have less of an effect than the income effect of a decrease in the price of dairy products.
• D)be almost negligible,because housing is a necessity.
• E)have a greater impact than the positive substitution effect of this price change.

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