Economy, asked by angelevil6556, 5 hours ago

What is meant by the income effect of a fall in the prices of a commodity?​

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Answered by Itzvaibhav007
0

Answer:

What is the Income Effect? Income effect refers to the change in the demandLaw of DemandThe law of demand states that the quantity demanded of a good shows an inverse relationship with the price of a good when other factors are for a good as a result of a change in the income of a consumer.

Answered by prasannakakarla14
1

What is the Income Effect? Income effect refers to the change in the demandLaw of DemandThe law of demand states that the quantity demanded of a good shows an inverse relationship with the price of a good when other factors are for a good as a result of a change in the income of a consumer.

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