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The demand curve for a product will shift rightward when the price of a substitute decreases.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded, usually depicted as downward sloping.
Slopes Downward
Used to describe a graph line that indicates a decrease in one variable as another variable increases, often related to demand curves in economics.
Nondiscriminating Monopolist
A nondiscriminating monopolist refers to a monopolist who charges the same price for each unit of the product sold to all consumers, unlike price discrimination where different prices are charged to different consumers.
Demand Curve
A graph demonstrating how the quantity of a good or service demanded varies with its price, typically downward sloping.
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