Essay
Housing is a good that tends to take up a substantial share of a consumer's spending.If the price of housing increases, this will result in:
A.both an income and substitution effect to decrease the quantity demanded of housing.
B.both an income and substitution effect to increase the quantity demanded of housing.
C.the income effect of increasing the quantity demanded of housing and the substitution effect of decreasing the quantity demanded of housing.
D.the income effect of decreasing the quantity demanded of housing and the substitution effect of increasing the quantity demanded of housing.
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