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Which of the following best represents the income effect?

A

Consumers will buy more beef, a normal good, when their incomes increase.

B

Consumers' purchase less beef when the price increases because they are limited by their incomes.

C

The responsiveness of consumers to a change in the price of beef is greater when their incomes are lower.

D

Consumers tend to increase their consumption of beef and other products when the value of their financial assets rises.

E

Consumers buy less beef when its price rises because chicken becomes relatively less expensive.

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