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James Prochaska and Carlo DiClemente created an approach delineating stages of change that is
Substitution Effect
The substitution effect occurs when consumers replace more expensive items with less costly alternatives, influencing demand patterns as prices fluctuate.
Utility-maximizing
The economic principle whereby consumers adjust their consumption of goods and services to achieve the highest level of satisfaction or utility.
Downward-sloping
Downward-sloping describes a curve or line on a graph that exhibits a decline from left to right, often used to illustrate decreasing prices or quantities in economics.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices, typically downward sloping.
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