Examlex
Which of the following ratios measures how efficiently and effectively the firm is using its assets to generate revenue?
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods.
Marginal Product
The increase in output that results from employing one more unit of a factor of production.
Income Effect
How an individual's or economic income shift influences the demand for goods or services.
Substitution Effect
The substitution effect describes the change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
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