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The way that a person dresses, holds a knife and fork, and drives a car are examples of:
Substitution Effects
The change in the consumption pattern of goods due to a change in their prices, making consumers replace more expensive items with cheaper alternatives.
Downward-sloping
A descriptor often used for demand curves, indicating that as the price of a good or service decreases, the quantity demanded increases.
Law of Demand
The principle that there is an inverse relationship between the price of a good and the quantity demanded, holding other factors constant.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price level.
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