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Discuss the possible outcomes of simultaneous rises in prices of consumer goods and incomes.

Are consumers always better off?
Would all residents of the country be better off? Are we ?back to where we were? in 2013? What of the future? What implications does these data have for the retailers of inferior goods? What would be some examples of possible substitution effects?

Please focus more on are consumers always better off? What implications does these data have for the retailers of inferior goods? What would be some examples of possible substitution effects?

 

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