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When the price of a product rises, consumers with a given moneyincorre shif their purchaves...

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Economics

When the price of a product rises, consumers with a given moneyincorre shif their purchaves to other peoducts whose prices are nowrelatively lower. This statemern describes Mancile Chace the incomeeffect. an interior good. the wibstrution effect the resoringfunction of prices.

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