Examlex
The pressure at the bottom of aquarium A is greater than that at the bottom of aquarium B.Why might this be?
Fixed Proportions
A production process where inputs must be used in specific proportions, and the ratio of inputs cannot be easily changed.
Substitution Effect
The change in consumption patterns due to a change in relative prices, causing consumers to substitute one good for another more price-friendly option.
Marginal Productivity
The extra output that is produced by using one more unit of a factor, keeping all other factors constant.
Highly Substitutable
Refers to goods or services that are readily replaced with alternatives by consumers due to minimal differences in characteristics or functionality.
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