Examlex
Which of the following would be of the greatest interest to public choice economists?
Park Visits
The act of visiting a park for recreational, leisure, or sports activities, reflecting an individual's preference or demand for outdoor spaces.
Substitution Effect
The economic principle describing how changes in relative prices can influence the choice between goods or services, holding the overall satisfaction level constant.
Giffen Good
Good whose demand curve slopes upward because the (negative) income effect is larger than the substitution effect.
Substitution Effect
The alteration in consumer behavior as a result of variations in the relative costs of products, driving consumers to shift from higher-priced items to those that are more affordable.
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