Examlex
The equation 2C2H6 + 7O2 4CO2 + 6H2O is an oxidation-reduction reaction.
Substitution Effect
A change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
Income Effect
The alteration in a person's or an economy's earnings and its effect on the amount of a good or service they want to purchase.
Labor Supply Curve
Represents the relationship between the wage rate and the quantity of labor that workers are willing to supply, typically showing that higher wages attract a larger labor supply.
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 items toward cheaper ones.
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