For a renter, the income effect of an increase in apartment rents will
a. have a greater effect than the income effect of an increase in the price of chewing gum
b. have no impact on the demand curve for apartments, because everything except price is assumed constant
c. have less of an effect than the income effect of an increase in the price of chewing gum
d. be almost negligible, because housing is a necessity
e. occur only when income increases
Question 2
The income effect refers to the impact of a change in
a. income on the price of a good
b. the general price level caused by a change in the price of another good
c. the price of a good on real income
d. the price of a substitute for the good under consideration
e. demand when income changes
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