Use the following to answer questions 29-30:
Figure 5.16
-(Figure 5.16) The income effect of the price increase causes consumption of baseball hats to:

Question

Use the following to answer questions 29-30:
Figure 5.16 
-(Figure 5.16) The income effect of the price increase causes consumption of baseball hats to:

Quizplus · Accepted Answer

The income effect of a price increase typically reduces the quantity consumed of a normal good, such as baseball hats, due to the decrease in real income. In this scenario, the consumption decreases by 3.

Use the Following to Answer Questions 29-30