Examlex
Sensory perceptions that are not directly attributable to environmental stimuli are called ____.
Substitution Effect
The change in consumption patterns due to a change in the price of goods, leading consumers to substitute one good for another.
Income Effects
The shift in income for either an individual or an economy, and its subsequent effect on the amount of a good or service desired.
Substitution Effects
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another.
Normal Goods
Goods for which demand increases when consumer income increases and vice versa.
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