Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Spartacus
Substitution Effect
Alterations in spending behaviors triggered by variations in the prices of goods relative to each other, prompting individuals to replace one item with an alternative.
Output Effect
The change in total output resulting from adjusting production levels, typically in response to changes in market demand or cost of production.
Fixed Proportions
A production process where inputs must be used in specific proportions, and the ratio of inputs cannot be easily changed.
Substitution Effect
The change in consumption patterns due to a change in relative prices, causing consumers to substitute one good for another more price-friendly option.
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