The income effect of a price increase for a normal good causes an increase in the consumption of the good.
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Q1: If total utility increases as consumption of
Q2: Marginal utility is the accumulation of the
Q3: The consumer demand curve for a product
Q4: With diminishing marginal utility, if a consumer
Q5: A rational consumer will cease purchasing a
Q7: When a consumer shifts purchases from X
Q8: When a consumer has maximized total utility,
Q9: The substitution effect suggests that when consumers
Q10: The limited money income of consumers results
Q11: The law of diminishing marginal utility suggests
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