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When moving in a vehicle, close objects seem to move in the opposite direction and far objects seem to move in the same direction. This phenomenon is called
Substitutes
Products or services that can replace each other in use, satisfying the same customer need or demand.
Oligopoly
Defines a market structure characterized by a small number of firms dominating the market, leading to limited competition.
Brand Loyalty
Occurs when a consumer buys the same brand’s product or service repeatedly over time rather than buying from multiple suppliers within the same category.
Demand Curve
Represents a graph showing the relationship between the price of a good and the quantity demanded by consumers at those prices, usually downward sloping.
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