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Income effect of a price change is the effect on the consumption of a good?

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a. due to a change in income when all prices change in the same proportion

b. due to a change in purchasing power caused by a change in the price of the good

c. due to a change in income caused by a change in the price of labor

d. due to a change in income sufficient to offset the effect of a price change

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  1. B. Due to a change in purchasing power caused by a change in the price of the good

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