Examlex
According to the equation of exchange, how can national income grow even though the amount of money does not?
Demand for Products
Consumers' eagerness and capability to acquire goods and services for certain prices.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.
Output Effect
The impact on total revenue when a firm alters its production level, influencing the quantity of goods sold and potentially the market price.
Fixed Proportions
A production process in which inputs are used in a constant ratio to each other, with no substitution possible between the inputs.
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