Examlex
When participants in an experiment behave in a way they think the experimenter wants them to behave,the problem of demand characteristics develops.
Income Effect
The change in an individual's or economy's income and how that change affects the quantity demanded of a good or service.
Substitution Effect
The change in consumption patterns due to a change in relative prices, holding the consumer's overall utility constant.
Income Effect
The Income Effect describes how changes in an individual's income affect their purchasing capacity and thus their demand for goods and services.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, opposite to normal goods.
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