Examlex
Which of the following statements with regard to vision is FALSE?
Optimum
The most favorable condition or level for growth, reproduction, or efficiency, or the best or most efficient use of resources.
Substitution Effect
The financial concept where consumers opt for cheaper alternatives when prices increase or their income falls.
Income Effect
Adjustments in the income of a person or the economy and how these adjustments affect the need for certain goods or services.
Substitution Effect
The economic principle that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.
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