Suppose a person's nominal income increases by 8% while the price level in the economy increases by 10%. In this case, the person's real income: O decreased by 2% decreased by 18% increased by 2% O...

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Extracted text: Suppose a person's nominal income increases by 8% while the price level in the economy increases by 10%. In this case, the person's real income: O decreased by 2% decreased by 18% increased by 2% O increased by 18%