Income effect/Definition: Difference between revisions

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The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income.
The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income.

Latest revision as of 23:28, 22 May 2008

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Income effect [r]: The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income.