Two goods an increase in the price

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Reference no: EM131097397

In a world of two goods (say, x and y) an increase in the price of x which is accompanied by money compensation for the income effect alone will lead to:

(a) A fall in quantity demanded of x and a fall in well-being;

(b) A fall in the quantity demanded of x and no change in well-being;

(d) No change in quantity demand for x and a fall in well-being.

Reference no: EM131097397

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