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Carmen has been invited to a party. Immediately after receiving the invitation, she meets with a group of friends to discuss what they plan to wear to the party. Carmen then makes the decision to wear what her friends are wearing. Carmen's party dressing behavior demonstrates
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded of that good, typically downward sloping.
Decrease in Demand
A downward shift in the demand curve for a product or service, indicating that consumers are willing to purchase less at each price level.
Substitution Effect
The Substitution Effect refers to changes in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less costly alternatives.
Tea
A beverage made by steeping processed leaves, buds, or twigs of the tea plant in hot water, enjoyed globally for its aromatic flavors.
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