Examlex
What type of slope failure has occurred in the Slumgullion area of Colorado?
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Opportunity Cost
The lost potential gain from other alternatives when one alternative is chosen.
Income Effects
The changes in an individual's or economy's income and how that changes their spending and saving behavior.
Substitution Effects
The change in consumption patterns due to a change in the relative prices of goods.
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