Income effect/Definition: Difference between revisions
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imported>John Dvorak m (Template:Def Income effect moved to Income effect/Definition: Moving_definition) |
imported>Chris Day No edit summary |
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The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income. | The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income. | ||
Latest revision as of 22:28, 22 May 2008
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Income effect [r]: The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income.