Examlex
What are the five rules of using statistics?
Wage Increase
An upsurge in the rate of pay employees receive for their labor, typically expressed as a percentage increase over current wages.
Substitution Effect
The change in consumption patterns due to a price change, leading consumers to substitute one product for another.
Wage Decrease
A reduction in the hourly, daily, or monthly compensation that workers receive for their labor.
Utility Maximizing
The principle or practice of choosing the combination of goods and services that provides the highest level of satisfaction or utility to an individual.
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