Answer to Question 1
The substitution effect is the effect of a change in price on the quantity bought when the consumer (hypothetically) remains indifferent between the original situation and the new one.
Answer to Question 2
Two factors make inheritances a source of increased economic inequality: debts cannot be bequeathed and assortative mating. The law is that debts cannot be passed on to family members. As a result, only positive inheritances, which can add to a family's wealth increasing future generations' wealth, can be made. Most households receive either no inheritance or else a very small one; however, a few receive enormous inheritances. As a result, wealthy families tend to remain wealthy. In addition, assortative mating, the fact that people tend to marry within their own socioeconomic class, also leads to persisting inequality in wealth. In particular, wealthy people marry wealthy people, so that wealth is not passed to poorer families. As a result, inherited wealth becomes more concentrated in wealthy families.
The Role of Microfilaments in Cell Movement-Showing Cause and Effect in Biology 1
Effect of BPG on oxygen binding to hemoglobin. The BPG concentration
First-pass effect: (a) drugs are absorbed; (b) drugs enter hepatic portal circulation and go directl
Hall-effect switches use metallic shutters to shunt magnetic lines of force away from a silicon ...
Effect of antidiuretic hormone deficiency.
Ceiling effect of aspirin. A plateau is reached where increasing the dose of aspirin will not create ...