Examlex
Aggressive patrol is a form of patrolling that directs resources to known high-crime areas.
Substitution Effect
The shift in consumption tendencies brought on by changes in the relative value of goods, compelling consumers to opt for an alternative product.
Utility Function
A mathematical representation that ranks alternatives according to their utility for an individual, illustrating preferences over a set of goods and services.
Substitution Effect
The change in consumption that results from a change in the price of one good relative to the prices of other goods, holding utility constant.
Income Effect
The change in consumption that results from a change in real income or purchasing power.
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