o 5. The fact that a price change makes consumers either poorer or richer in real terms describes which of the following? ●a. The income effect ob. The substitution effect o C. Diminishing marginal utility ●d. Consumer surplus o e. The law of demand⚫ 5. The fact that a price change makes consumers either poorer or richer in real terms describes which of the following? ⚫ a. The income effect ⚫ b. The substitution effect ⚫ c. Diminishing marginal utility ⚫ d. Consumer surplus ⚫ e. The law of demand