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While discussing OBD II systems: Technician A says if a misfire condition threatens engine or catalyst damage, the PCM flashes the MIL. Technician B says the PCM illuminates the MIL if a defect causes emission levels to exceed 1.5 times the emission standards for that model year. Who is correct?
Substitution Effect
The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.
Income Effect
The change in consumption resulting from a change in real income.
Theory of Consumer Choice
An economic framework describing how consumers make decisions to allocate their resources optimally among various goods and services.
Indifference Curve
A graph representing combinations of goods among which a consumer is indifferent, showing trade-offs between two goods.
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