Examlex
__________ results in an early embryo that has three primary tissue layers.
Marginal Utility Per Dollar
The additional satisfaction gained from spending one more dollar on a good or service.
Substitution Effect
The substitution effect occurs when consumers change their consumption of goods in response to changes in relative prices, substituting cheaper goods for more expensive ones.
Quantity Demanded
Quantity demanded refers to the amount of a good or service that consumers are willing and able to purchase at a given price.
Consumer Equilibrium
A state in which a consumer has allocated their income in a way that maximizes their utility, given prices and their budget constraint.
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