Examlex
Briefly describe the types/roles of reinforcement schedules in operant conditioning.
Perfect Substitutes
are goods that can be completely exchanged for one another at a constant rate of substitution and possess identical levels of utility and functionality for consumers.
Substitution Effect
An alteration in consumer choice between two goods when the price of one good changes relative to the price of another, influencing the allocation of their budget.
Income Effect
The relationship between changing income in a person's life or the economy and the subsequent demand for certain goods or services.
Perfect Substitutes
Goods for which consumers are willing to replace one for the other at a constant rate, without affecting their level of utility.
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