Examlex
Describe the options that managers have for developing aggregate plans to respond to fluctuating demand.
Substitution Effect
The change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods.
Income Effect
The alteration in the consumption habits of a person or an economy due to a variation in actual income.
Inferior Good
A type of good for which demand decreases when income increases, and vice versa, unlike normal goods where demand increases with an increase in income.
Marginal Utility
The additional enjoyment or value that comes from the consumption of one more unit of a product or service.
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