The Income Effect of a Price Change Refers to

Multiple Choice

The income effect of a price change refers to

A) the change in demand that occurs when consumer income changes.
B) the change in the quantity demanded that results from a change in price, making the good more or less expensive relative to other goods, holding everything else constant.
C) the change in demand that occurs when both income and price change.
D) the change in the quantity demanded of a good that results from the effect of a change in price on consumer purchasing power, holding everything else constant.