Examlex
The theory that assumes that collective action results from the disruption or breakdown of traditional norms,expectations,and patterns of behavior is called:
Utility Function
A mathematical representation of how a consumer derives satisfaction or utility from consuming goods and services.
Substitution Effect
The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with cheaper substitutes, holding utility constant.
Income
The amount of money received by an individual or household over a certain period, usually from employment or investments.
Price
The monetary figure anticipated, requisite, or paid as payment for a product.
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