Examlex
What did Max Weber mean by "value-free" research? Do you think researchers can be value-free? Should they try? Explain.
Substitution Effect
The change in demand for a good that results from a change in price, making the good more or less expensive relative to other goods.
Price Change
An alteration in the cost of a good or service, which can affect demand and supply dynamics in the market.
Substitution Effect
The change in consumption patterns due to a change in the prices of goods, leading consumers to replace more expensive items with cheaper alternatives.
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
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