Examlex
Explain the elaboration likelihood model (ELM).
Substitution
The action of replacing one good or service with another based on changes in relative prices, incomes, or preferences.
Indifference Curve
A graph showing different combinations of two goods that provide the same level of utility or satisfaction to a consumer.
Utility
In economics, a measure of satisfaction, usefulness or value that an individual gains from consuming goods and services.
Consumption Bundle
A combination of goods and services selected by a consumer for personal use.
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