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Which of the following best represents the income effect?
Consumers will buy more beef, a normal good, when their incomes increase.
Consumers' purchase less beef when the price increases because they are limited by their incomes.
The responsiveness of consumers to a change in the price of beef is greater when their incomes are lower.
Consumers tend to increase their consumption of beef and other products when the value of their financial assets rises.
Consumers buy less beef when its price rises because chicken becomes relatively less expensive.