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The common edible frog of Europe is a hybrid between two species, Rana lessonae and Rana ridibunda. The hybrids were first described in 1758 and have a wide distribution, from France across central Europe to Russia. Both male and female hybrids exist, but when they mate among themselves, they are rarely successful in producing offspring. What can you infer from this information?
Real Wages
The buying capacity of earnings, when accounted for inflation, showing the amount of goods and services that can be purchased.
CPI
The Consumer Price Index is an indicator that calculates the overall average prices of a selection of consumer items and services, including food, transportation, and healthcare, which is utilized to measure inflation.
Winner-Take-All Markets
Markets in which the top performers are able to capture a very large share of the rewards, and the rest are left with very little.
Substitution Effect
The economic understanding that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.
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