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The Income Effect of an Increase in the Price of Backpacks

Question 37

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 of backpacks demanded.
C) decrease in the supply of backpacks.
D) increase in the quantity of backpacks demanded.
E) increase in the quantity of backpacks supplied.

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