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