Examlex
Explain how events,resources and agents are linked in a REA diagram.
Consumer Equilibrium
The point at which the satisfaction obtained from a good or service equals the price paid for it, maximizing utility.
Substitution Effect
The change in consumption resulting from a change in relative prices, leading consumers to substitute away from higher-priced goods towards lower-priced ones.
Price Change
An alteration in the cost to purchasers of goods and services over time or in response to supply and demand conditions.
Total Utility
The total satisfaction a consumer gets from consuming a certain quantity of goods or services.
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