Economics · Consumer Behavior & Demand Theory
Which of the following statements is NOT correctly matched or true regarding the 'Price Effect'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It is the sum of the Income Effect and the Substitution Effect.
- 2Nominal income of the consumer also changes with a change in price.✓
- 3A change in price changes the consumer's real income.
- 4Price effect is negative for a normal good.
Correct answer
Nominal income of the consumer also changes with a change in price.
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