Examlex
After running a marathon,Nick begins to perspire heavily.According to the drive reduction theory,Nick's body will have a(n) _____ for water,which will consequently produce a(n) _____ for water.
Weak Axiom
A principle in consumer choice theory stating that if a consumer prefers bundle A over bundle B when both are available at the same prices, then the consumer will not purchase more of bundle B if its price rises.
Revealed Preference
An economic theory stating that the preferences of consumers can be understood by their purchasing habits.
Prices
The monetary value assigned to goods and services in a market, dictating the exchange rate at which these can be traded.
Laspeyres Price Index
An index that measures the relative change in the price level of a fixed basket of goods and services over time, using the quantities purchased in the base period.
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