Examlex
As more Africans move to cities,patterns of settlement are becoming more concentrated.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another.
Income Effect
The change in an individual's or market's consumption resulting from a change in real income.
Inferior Good
A type of good for which demand decreases as the income of consumers increases.
Convex Preferences
A preference structure where a consumer prefers mixtures or averages of two goods or bundles to extreme amounts of one good or bundle.
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