Examlex
Which statement best describes the quasi-judicial decisions made by government agencies?
Substitution Effect
The change in the quantity demanded of a good resulting from a change in its price, making it more or less expensive relative to other goods.
Output Effect
The change in total output resulting from a change in the quantity of an input, other factors being held constant.
Substitute Resource
An alternative resource that can be used in place of another to produce similar goods or services.
Marginal Product Curve
A graph that displays the change in output that results from employing an additional unit of a particular input, holding all other inputs constant.
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