Examlex
Which of the following does not describe the Voice of America?
Income Effect
The change in consumption resulting from a change in real income, which can stem from increases or decreases in wages, or from price changes affecting the purchasing power of income.
Substitution Effect
The change in consumption resulting from a change in the price of a product, leading consumers to substitute that product with another.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Opportunity Cost
The cost of not choosing the next best alternative when making a decision.
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