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A ____ measuring tool contains a main scale and a secondary sliding scale called the vernier scale.
Demand Function
A mathematical model that describes the quantity of a good or service demanded at various prices, holding other factors constant.
Substitution Effect
The substitution effect is a concept in economics that describes how consumers change their consumption patterns in response to changes in the prices of goods, opting for cheaper alternatives when prices increase.
Income
Money received, especially on a regular basis, for work, through investments, or from any other source.
Income Elasticity
A measure of how much the quantity demanded of a good responds to a change in consumers' income.
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