Income in constant prices is

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Income in constant prices refers to real income, which is the purchasing power of income adjusted for inflation. Nominal income, on the other hand, is the actual amount of money earned without any adjustment for inflation or changes in the cost of living. Bracket creep refers to the phenomenon where an increase in income pushes a taxpayer into a higher tax bracket, resulting in a higher tax liability. Income effect, in economics, refers to the change in an individual's consumption or demand for goods and services as a result of a change in their income.

Income in Constant Prices Is