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In statistical experiments, each time the experiment is repeated
Economic Good
A product or service that has value and can be sold in a market because it is scarce in relation to demand.
Substitution Effect
That part of an increase (decrease) in amount consumed that is the result of a good being cheaper (more expensive) in relation to other goods because of a reduction (increase) in price.
Income Effect
The change in consumption resulting from a change in real income, typically due to a price change of goods or services.
Marginal Satisfaction
The change in satisfaction or utility that a consumer experiences from consuming an additional unit of a good or service.
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