Examlex
Which monomer is used for the synthesis of poly(vinyl chloride) ?
Substitution Effects
The substitution effect occurs when consumers replace more expensive items with less costly alternatives as prices rise.
Income Effect
The change in an individual's consumption resulting from a change in their income.
Normal Good
A good for which demand increases as the income of the consumer increases, showing a positive relationship between income and demand.
Income Effect
The impact of income fluctuations on an individual or an economy on the quantity of goods or services that is demanded.
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