When the price of a product increases, a consumer is able to buy less of it with a given money income. This describes the

A) cost effect.
B) inflationary effect.
C) income effect.
D) substitution effect.

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Money Income

The total income in the form of money received by an individual or household before taxes from all sources in a given time period.

Consumer

Consumer is an individual or group that purchases goods or services for personal use, not for manufacture or resale, driving the demand side of the marketplace.