Examlex
Which type of decisions are automatic responses to routine and recurring situations?
Substitution Effect
The change in consumption resulting from a change in the relative prices of goods, prompting consumers to replace more expensive items with less costly alternatives.
Income Effect
The shift in income for an individual or the economy, and its influence on the demand for a specific good or service.
Wages Increase
The act or occurrence of raising the amount of money that workers are paid for their labor.
Consumer's Optimal
The point at which an individual achieves the best possible satisfaction or utility from the consumption of goods and services, given their budget constraints.
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