Social Studies, 19.05.2020 15:06, Courtneymorris19

Which phrase describes the income effect?

A. The effect of demand and supply on income earned by producers
B. The impact of price on consumers’ purchasing ability and decisions
C. The increased income earned by suppliers because of high prices
D. The impact of consumers’ income on the supply of a product

Answers: 2

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Which phrase describes the income effect?

A. The effect of demand and supply on income e...