Examlex
Which was a triumph of quantum electrodynamics (QED) ?
Income Range
The spectrum of income levels, from the lowest to the highest, that exists within a given population or among a specific group of individuals.
Substitution Effect
The economic principle that as the price of a good increases, consumers will replace it with cheaper alternatives.
Income Effect
The variation in income for a person or an economy and its impact on the demand for a specific good or service.
Perfect Substitutes
Goods that can serve the same purpose perfectly, where consumers are indifferent between them and will select based on price.
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