Examlex
A nursing instructor encourages student nurses to use critical thinking in the clinical setting. The instructor understands that critical thinking
Income Effect
Changes in economic or personal income and the resulting impact on how much of a product or service is sought after.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute away from more expensive goods toward cheaper ones.
Total Utility
The total satisfaction or benefit received by consuming a certain quantity of goods or services.
Utils
A hypothetical unit of measure used to quantify the satisfaction or utility that a consumer derives from consuming a good or service.
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