Use the following to answer questions 18-19:
Figure 5.11
-(Figure 5.11) When the price of football tickets increases, the income effect decreases the number of tickets bought from:

Question

Use the following to answer questions 18-19:
Figure 5.11 
-(Figure 5.11) When the price of football tickets increases, the income effect decreases the number of tickets bought from:

Quizplus · Accepted Answer

The income effect refers to the change in consumption resulting from a change in real income. When the price of football tickets increases, the real income decreases, leading to a reduction in the quantity of tickets bought. The decrease from 4 to 3 tickets reflects a smaller change consistent with the income effect.

Use the Following to Answer Questions 18-19