Examlex
Which of the following hormones is produced by the posterior pituitary gland?
Substitution Effect
The change in consumption patterns due to changes in the relative prices of goods, leading consumers to substitute more expensive items with cheaper alternatives.
Giffen Good
A product that experiences an increase in demand as its price increases, contrary to the law of demand, typically because it is a staple whose cheaper substitutes are not as affordable.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, contrary to normal goods.
Normal Good
A good for which demand increases as the income of consumers increases and vice versa, all else being constant.
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