+The Income Effect describes how changes in prices alter a consumer's real [Purchasing Power](/wiki/purchasing_power), influencing the quantity of goods demanded. As prices fall, one's effective income rises, leading to altered [Consumer Demand](/wiki/consumer_demand) for various items, which can vary depending on the good's nature.
+## See also
+- [Substitution Effect](/wiki/substitution_effect)
+- [Normal Good](/wiki/normal_good)
+- [Inferior Good](/wiki/inferior_good)
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