Examlex
Clark has wanted to be a broadcast reporter since he was a kid watching Wolf Blitzer's war reporting.He got a degree in broadcast journalism and has been working three years as a reporter for local TV news in a medium-sized Western city.Clark's boss has given him discouraging performance appraisals at the last two evaluation periods.In addition,surveys show that the news show's audience gives Clark a mediocre rating.Which of the following statements is TRUE?
Income Range
The spectrum of income levels, from the lowest to the highest, that exists within a given population or among a specific group of individuals.
Substitution Effect
The economic principle that as the price of a good increases, consumers will replace it with cheaper alternatives.
Income Effect
The variation in income for a person or an economy and its impact on the demand for a specific good or service.
Perfect Substitutes
Goods that can serve the same purpose perfectly, where consumers are indifferent between them and will select based on price.
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