Examlex
A common law marriage is one in which the parties have participated in a legal marriage ceremony.
Price Decrease
A reduction in the cost of a good or service, which can increase consumer demand but may decrease supplier profits.
Consumer's Optimal
The point at which the combination of goods and services purchased by a consumer provides maximum satisfaction or utility, given the consumer's income and the prices of goods.
Price of Good
The amount of money required to purchase a specific good or service.
Substitution Effect
The economic principle that as prices rise or incomes decrease, consumers replace more expensive items with less costly alternatives.
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