The Income Effect Refers to a Change In

Multiple Choice

The income effect refers to a change in:

A) income because of a change in business investment.
B) money or nominal income because of a change in wages.
C) the quantity demanded of a good because of an implicit change in the buyer's income caused by a change in the price of a good or service.
D) the quantity demanded of a good because of a change in the buyer's money income.