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You finished college last year and have not been able to find a job yet.As a result,you moved back home with your parents.At first,you were worried that the transition back would cause considerable conflict,but it has not.Although you know that this is only a temporary situation,what is one of the most likely reasons that it is going well?
Substitution Effect
The change in consumption resulting from a change in the price of a product, leading consumers to substitute that product with another.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Opportunity Cost
The cost of not choosing the next best alternative when making a decision.
Leisure
Time utilized for enjoyment and relaxation, free from the obligations of work or serious responsibilities.
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