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When using an observational techniques known as behaviour assessment, psychologists
Total Utility
The total satisfaction received by a consumer from consuming a certain quantity of goods or services.
Labor Supply Curve
A graphical representation showing the relationship between the wage rate and the quantity of labor that workers are willing to offer at different wage rates.
Income Effect
The change in an individual's consumption patterns resulting from a change in their real income.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less expensive ones.
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