Examlex
If the owner of a local movie theater wanted to increase the theater's total revenue from movie admissions, what should the owner do with ticket prices?
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Money Income
The total income in the form of money received by an individual or household before taxes from all sources in a given time period.
Consumer
Consumer is an individual or group that purchases goods or services for personal use, not for manufacture or resale, driving the demand side of the marketplace.
Substitute Goods
Products or services that can be used in place of one another, fulfilling the same needs or wants of the consumer.
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