Examlex
What is norovirus and how is it linked to personal hygiene?
Diminishing Marginal Utility
The principle stating that as a person consumes more units of a good, the satisfaction (utility) gained from consuming each additional unit decreases.
Giffin Good
A type of good for which demand increases as the price increases, contradicting the basic law of demand due to the income effect.
Income Effect
The relationship between changing income levels in an economy or for individuals and the subsequent effect on goods and services demand.
Substitution Effect
Describes how consumers react to an increase in a good's price by substituting another good, affecting the quantity demanded.
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