Examlex
Use the Root Test to determine the convergence or divergence of the series.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
Income Effect
Shifts in economic or personal income and how these shifts influence the demand for certain goods or services.
Disparity of Income
The gap in income and wealth distribution among individuals or groups within a society, leading to economic inequality.
Nominal Wages
The amount of money paid to employees without adjustment for inflation, reflecting the face value rather than the real purchasing power.
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