Examlex
In which of the following situations would the false-consensus effect be strongest?
Demand Curve
A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
Demand Curve
A diagram that illustrates the connection between a product's cost and the amount of it consumers want to buy at various prices.
Substitution Effect
The change in the consumption pattern of goods or services due to a change in their relative prices, causing consumers to replace more expensive items with cheaper alternatives.
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