Examlex
Intravenous and inhalation are examples of:
Perfect Substitutes
Perfect substitutes are two goods that can be used in place of each other with no loss of utility or preference by consumers.
Income Effect
Refers to the change in an individual's or economy's purchase of goods and services resulting from changes in income levels.
Substitution Effect
The change in consumption patterns due to a change in relative prices, holding the consumer's level of utility constant.
Price
The fiscal amount needed for the acquisition of a product or service.
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