Which of the following statements is true? i. when a good absorbs only a small share of consumer spending, the income effect explains the demand curve’s negative slope. ii. a change in consumption brought about by a change in purchasing power describes the income effect. iii. in the case of an inferior good, the income and substitution effects work in opposite directions.

The answer to this question is the option (II and III).

Explanation:

In this question, both (II and III) option is correct because A difference in destruction brought about by a shift in acquiring power represents the revenue effect. In the case of a minor good, the assets and replacement impacts work in different directions. So the option for both options is correct.

b because thats the naswer i got