Examlex
Which of the following is NOT a topic studied in Macroeconomics?
Average Product
The output per unit of a particular input, such as labor or capital.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another.
Wage Increase
An upward adjustment in the salary or earnings paid to an employee.
Utility Maximizing
Acting in a way to achieve the highest level of satisfaction possible with available resources.
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