Examlex
What are the advantages and disadvantages of being single, being a childless couple, being a dual-career family, and being in a gay/lesbian family?
Substitution Effect
The change in consumption patterns due to a price change, leading consumers to substitute one product for another.
Wage Decrease
A reduction in the hourly, daily, or monthly compensation that workers receive for their labor.
Utility Maximizing
The principle or practice of choosing the combination of goods and services that provides the highest level of satisfaction or utility to an individual.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a factor of production, holding other factors constant.
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