Economics · Consumer Behaviour
Which of the following is a correct statement regarding the price effect?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1None of these is correct
- 2It is the effect of a rise in the money income of the consumer
- 3It is the effect of a fall in the money income of the consumer
- 4It is the change in consumption of goods due to a change in their relative prices, keeping real income constant✓
Correct answer
It is the change in consumption of goods due to a change in their relative prices, keeping real income constant
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