Economics · Consumer Behaviour
"The income effect is the change in the quantity demanded of a good resulting purely from a change in income, while the prices of both goods remain constant." This formulation of the income effect is associated with which economist?
- 1Stonier and Hague
- 2William Baumol
- 3J. R. Hicks✓
- 4Paul Samuelson
Correct answer
J. R. Hicks
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