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definition: if consumers’ income changes, their demand changes.
i.) Increase in income = increase in demand ii.) Decrease in income = decrease in demand connected key terms: none price determinants of demand | petics | population & demographics | expectations | tastes & advertising | income | compliments | substitutes
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▪️ if your income goes down you switch from name brand to store brand ▪ buying lucky charms vs magic charms cereal |