Examlex
As the boundaries of Byzantium changed in the seventh century, which of the following was not a part of this change?
Normal Good
A type of good for which demand increases as the income of the consumer increases, holding all else constant.
Wealth Effect
The change in spending and consumption patterns by individuals or households due to changes in their real or perceived wealth.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute away from more expensive goods towards cheaper ones.
Income Effect
The impact on consumer's choice arising from a change in their income, influencing their purchasing power.
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