Examlex
The average age at which a person dies is known as ____.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, holding the consumer's utility level constant.
Income Effect
The modification of income for people or economies and how this adjustment affects their purchasing desires for goods or services.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, typically because consumers can afford better alternatives.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another more or less expensive good.
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