HELPPP 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

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.