The income effect of a price change refers to the change in the quantity demanded of a good that results from a change in purchasing power as a result of the price change.

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The income effect refers to the change in quantity demanded of a good due to a change in purchasing power resulting from a price change. This means that as the price of a good changes, the consumer's purchasing power also changes, which impacts their ability to purchase the same quantity of the good as before. This can lead to changes in the quantity demanded of the good, and is known as the income effect.

The Income Effect of a Price Change Refers to the Change