Examlex
Explain how social media helps organizations' promotion processes.
Output Effect
The change in total output resulting from adjusting the production of one good in response to price changes, while holding utility constant.
Fixed Proportions
A production process where inputs are used in strict, unchangeable ratios.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
Demand Curve
A graph displaying the relationship between the price of something and the quantity demanded at those prices.
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