Examlex
What is an advantage of working with short DNA fragments?
Law of Demand
An economic principle stating that the quantity demanded of a good decreases as its price increases, all else being equal, and vice versa.
Diminishing Marginal Utility
Diminishing marginal utility is the principle stating that as a person consumes more of a good, the satisfaction gained from consuming each additional unit decreases.
Income Effect
Refers to the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
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.
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