Multiple Choice
The income effect of an increase in the price of backpacks (a normal good) is a(n)
A) decrease in the demand for backpacks
B) decrease in the quantity demanded of backpacks
C) increase in the demand for backpacks
D) increase in the quantity demanded of backpacks
E) new demand curve because everything else is no longer constant
Correct Answer:
Verified
Correct Answer:
Verified
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