Examlex
When a child is put in the middle of the parents' arguments, it is known as:
Budget Constraints
The limitations on the consumption choices of individuals or organizations due to limited resources.
Substitution Effect
The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.
Budget Constraints
The limitations on the consumption bundles that a consumer can afford based on their income and the prices of goods and services.
Law of Demand
The principle that, all other factors being equal, as the price of a product decreases, the quantity demanded of the product will increase, and vice versa.
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