An increase in the real income of a consumer is one result from an increase in the price of a product that the consumer is buying.

Name: An increase in the real income of a consumer is one result from an increase in the price of a product that the consumer is buying.
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Question

Quizplus · Accepted Answer

An increase in the price of a product typically reduces the real income of a consumer because it decreases the purchasing power of their income, making them unable to buy as much of the product or other products as before.

An Increase in the Real Income of a Consumer Is