Examlex
The decline of industries such as the US automotive industry and the consumer electronics industry is evidence that:
Substitution Effect
The financial concept stating that when prices increase or incomes drop, individuals will substitute higher-priced goods with more affordable options.
Normal Goods
Goods for which demand increases as the income of consumers increases, and falls when consumer income decreases.
Utils
A hypothetical unit of measurement used in economics to represent the satisfaction or utility that a consumer receives from consuming goods and services.
Substitution Effect
The change in consumption patterns due to a change in relative prices, where consumers replace more expensive items with less costly alternatives.
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