Examlex
Which of the following is the analysis of empirically established cause and effect?
Income Effect
The change in consumption resulting from a change in real income.
Theory of Consumer Choice
An economic framework describing how consumers make decisions to allocate their resources optimally among various goods and services.
Indifference Curve
A graph representing combinations of goods among which a consumer is indifferent, showing trade-offs between two goods.
Budget Line
A graphical representation of all possible combinations of two goods that can be purchased with a given budget and prices.
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