Examlex
New York was the first state to implement a crime victims' compensation program.
Opportunity Cost
The cost of the next best alternative forgone as a result of making a decision.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods.
Marginal Product
The increase in output that results from employing one more unit of a factor of production.
Income Effect
How an individual's or economic income shift influences the demand for goods or services.
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