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Core Activities address which of the following questions?
Substitution Effect
A change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less expensive ones.
Price of Labor
The wage rate or compensation given to workers for their labor services, typically influenced by the supply and demand for labor in the market.
Output Effect
The output effect describes how changes in price can affect the quantity of goods or services produced by firms, often related to the concepts of supply and demand.
Technological Improvement
Enhancements or advancements in technology that increase productivity, efficiency, or quality in the production of goods and services.
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