Examlex
Which of the following are examples of subjective data?
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
Demand Curve
A diagram that illustrates the connection between a product's cost and the amount of it consumers want to buy at various prices.
Substitution Effect
The change in the consumption pattern of goods or services due to a change in their relative prices, causing consumers to replace more expensive items with cheaper alternatives.
Income Effect
The change in the quantity demanded of a good resulting from a change in consumer income, holding prices constant.
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