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Asked: July 12, 20242024-07-12T15:45:20-04:00 2024-07-12T15:45:20-04:00In: Economics

The income effect measures

The income effect measures

how people’s choices change when they have more income.
how people’s choices change when they have to work more.
the impact of change in relative prices.
the change in welfare when income rises.

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Anonymous
2024-07-12T15:53:30-04:00Added an answer on July 12, 2024 at 3:53 pm
The income effect measures how people’s choices change when they have more income.
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