Examlex
In a case of demand-pull inflation,
Income Effect
Changes in economic or personal income and the resulting impact on how much of a product or service is sought after.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute away from more expensive goods toward cheaper ones.
Total Utility
The total satisfaction or benefit received by consuming a certain quantity of goods or services.
Utils
A hypothetical unit of measure used to quantify the satisfaction or utility that a consumer derives from consuming a good or service.
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