Examlex
Which of the following is LEAST-Likely true?
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Substitution Effect
The alteration in purchasing habits stemming from a shift in the relative cost of products, causing individuals to replace one item with another.
Price Change
A variation in the cost of a good or service over time or in response to supply and demand dynamics.
Income
The money received by an individual or entity in exchange for labor, from investments, or from any other source, over a period of time.
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