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Kaiser Wilhelm II agreed to the Sussex pledge after
Substitution Effects
The economic understanding that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.
Income Effects
Changes in consumer's purchasing power and consumption patterns resulting from changes in income.
Marginal Rate of Substitution
The rate at which a consumer is willing to give up one good in exchange for another good while maintaining the same level of utility.
Contract Law
The body of law that governs the creation, enforcement, and interpretation of agreements between parties.
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