The income effect of a price change refers to the impact of a change in
A. income on the price of a good.
B. demand when income changes.
C. the quantity demanded when income changes.
D. the price of a good on a consumer's purchasing power.
Answer:D
The income effect of a price change refers to the impact of a change in
A. income on the price of a good. B. demand when income changes. C. the quantity demanded when income changes. D. the price of a good on a consumer's purchasing power.