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When the price of a product increases for a normal good, the:

Income and substitution effects will encourage consumers to purchase less of the product

Substitution effect will encourage consumers to purchase less of the product and the income effect will encourage them to purchase more

Income and substitution effects will encourage consumers to purchase more of the product

Substitution effect will encourage consumers to purchase more of the product and the income effect will encourage them to purchase less

Business Management, Management Studies

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