Examlex
The B horizon is usually called ___________.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another that has become relatively cheaper.
Income Effect
Modifications in the earnings of individuals or the broader economy and their effects on the quantity of goods or services demanded.
Consumer Price Index
An index that measures the change over time in the price of a basket of consumer goods and services, often used as a measure of inflation.
Real Wages
Wages adjusted for inflation, representing the purchasing power of income earned through work.
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