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Substitution Effect
The change in consumption patterns due to a change in relative prices of goods, leading individuals to substitute cheaper goods for more expensive ones.
Compensated Demand Function
A demand function that adjusts for changes in income to show how quantities demanded by consumers change in response to a price change while keeping utility constant.
Adequately Paid
Compensation that meets or exceeds the value of the work performed or the qualifications of the individual.
Utility Function
This describes a formula used in economics to quantify the happiness or satisfaction obtained by a consumer from consuming goods and services.
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