Examlex
____ tools are often recommended for small projects and single users.
Substitution Effect
The shift in buying habits because of variations in the prices of different products, causing individuals to substitute pricier options with more affordable ones.
Labor Supply
The total hours that workers are willing and able to work at a given wage rate in an economy.
Time Allocation
The decision about how many hours to spend on different activities, which leads to a decision about how much labor to supply.
Income Effect
The change in an individual’s or economy’s income and how that change affects the quantity demanded of a good or service.
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