The wealth effect describes A. the change in checking account balances that occur when the money supply increases or decreases.
B. the value of physical assets (e. g., houses) that results from a change in the price level.
C. the output producers produce as they attempt to balance their production in response to changes in consumers' demand.
D. the value of cash holdings that results from a change in the price level.
E. the balance of cash holdings that results from a change in the amount of income earned.