Examlex
Suppose that a certain wild-type bacteria can synthesize substance D, but various mutant strains cannot.We know that substance D is synthesized from substance X in a pathway that involves three intermediate substances (A, B, and C) , but we do not know the order of the steps in the pathway.The table shows four different mutant strains that have been tested for their ability to grow on the various substances.The "+" means that the strain can grow on that substance.The "‒" means that the strain cannot grow on that substance. If another strain (say, strain 5) grows on substance B but does not grow on substance C, we can infer that it
Permanent Income Hypothesis
A theory proposed by Milton Friedman suggesting that an individual's consumer behavior is determined by their long-term income expectations rather than their current income.
Services
Intangible products offered to consumers and other businesses, such as banking, education, and healthcare, which unlike goods, are not physical objects.
Autonomous Consumption
The level of consumption expenditure that occurs when income is zero, reflecting the basic level of consumption necessary for survival.
Wealth Effect
The change in spending that accompanies a change in perceived wealth, usually referring to the increase in consumer spending following an increase in asset values.
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