Examlex
Select all that are true of nitric oxide.
WARP
WARP, or the Weak Axiom of Revealed Preference, is an economic principle stating that if a consumer chooses one bundle of goods over another when both are available, then they will not choose the second bundle when the first one remains available.
Perfect Complements
Goods that are always consumed together in fixed proportions because their consumption provides utility only when combined, such as left and right shoes.
Income Effect
The change in an individual's consumption choices that results from a change in their real income or purchasing power.
Substitution Effect
The substitution effect occurs when consumers replace cheaper items for more expensive goods due to changes in relative prices, holding utility constant.
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