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When the Price of a Pizza Decreases from $14 to $12

Question 78

Multiple Choice

When the price of a pizza decreases from $14 to $12,


A) the income effect means people buy less pizza.
B) the income effect means that the demand for pizza will not change.
C) the income effect points out that the total purchasing power of people who buy pizza increases.
D) None of the above answers is correct.

Correct Answer:

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