The income effect refers to a change in:
A. income because of changes in the CPI.
B. the quantity demanded of a good because of a change in the buyer's real income.
C. the quantity demanded of a good because of a change in the buyer's money income.
D. price of a good because of a change in the buyer's real income.
Answer: B
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Consensus research concludes that medical technology is responsible for much of the increase in medical care spending over the past several decades.This probably means
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