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Case Based Critical Thinking Questions Case 17-1 Maxwell has developed a Movies database. He presented his design to his class, and some of his listeners had questions. Here is one of the tables Maxwell showed to the audience. Referring to the accompanying figure, James asks which of the columns is a primary key. Maxwell points to _____.
Income Effect
The impact of income changes on the demand for goods or services by an individual or within the economy.
Substitution Effect
Describes how consumers react to a change in the price of a good by substituting it with another good that is relatively cheaper.
Income Effect
The income effect refers to 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 change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another more or less expensive.
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