Examlex
Which of the following philosophical positions is adopted by multinational corporations when working in countries whose laws and regulations are less restrictive than the one in their own country?
Income Effect
The change in an individual's or economy's consumption patterns due to a change in real income.
Substitution Effect
The economic principle that as the price of one good increases, consumers will replace it with a cheaper alternative, holding utility constant.
Price Change
A variation in the cost of goods or services over time, which can result from factors like supply and demand, inflation, or market dynamics.
Income
The amount of money received on a regular basis from work, property, investments, or government benefits.
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