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Who once said that taxes are the price we pay for a civilized society?
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute away from more expensive goods towards cheaper ones.
Income Effect
The impact on consumer's choice arising from a change in their income, influencing their purchasing power.
Giffen Good
A type of inferior good for which demand increases as the price increases, violating the basic law of demand.
Inferior Good
A type of good whose demand decreases when consumer income rises, and vice versa, often contrasted with normal goods whose demand increases with rising income.
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Q456: Refer to Table 7-11. Suppose each of