Match the Term with the Appropriate Phrase

question 28

Multiple Choice

Match the term with the appropriate phrase. You may use each answer once, more than once or not at all.
-center of an open ocean tidal system

• A)flood current
• B)neap tide
• C)spring tide
• D)tidal current
• E)amphidromic point
• F)cotidal point
• G)tidal bore
• H)ebb current

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Definitions:

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.