Examlex
Match each term with the correct statement below.
-The measures taken when system problems arise.
Substitution Effect
The change in consumption resulting from a change in the relative prices of goods, leading consumers to substitute one good for another.
Relative Price
The price of one good or service compared to another, usually expressed as a ratio or quotient.
Substitution Effect
The change in consumption patterns due to a shift in the relative prices of goods, leading consumers to substitute one good for another.
Input Price
The cost of resources (labor, materials, etc.) used in the production of goods or services.
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