Effects of a Price Change What happens when a commodity's price decreases? Substitution effect(替代效应):the commodity is relatively cheaper, so consumers substitute it for now relatively more expensive other commodities
Chapter 10 includes: 10. 1 Introduction to Factor Market 10.2 The market demand for the factors of Production 10.3 Labor Market equilibrium 10. 4 Other Factors of Production -Land and Capital 10.5 Monopoly and monopsony power in the labour market