The income effect of a price change refers to the impact of a change in
A) income on the price of a good.
B) demand when income changes.
C) the quantity demanded when income changes.
D) the price of a good on a consumer's purchasing power.
Answer: D
Economics
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A local forest provides habitat for deer that are harvested by hunters. The hunters receive what type of benefit in this case?
a. Direct use value b. Indirect use value c. Option value d. Bequest value e. Existence value
Economics
A monopsony maximizes its profit by hiring the level of employment that sets
A) labor supply equal to labor demand. B) the value of marginal product equal to the wage. C) the value of marginal product equal to the marginal cost of labor. D) the value of marginal product equal to the demand for labor.
Economics