Examlex
Participant modelling works by having the client show others how to engage in a particular behaviour. The client then does not experience fear because he or she is focusing on demonstrating the behaviour.
Sum of Demand Curves
The aggregate demand curve that is obtained by horizontally adding individual demand curves in a market.
Snob Effect
A phenomenon where the demand for a certain good increases as the price increases because the good is perceived as being more desirable, exclusive, or prestigious.
Luxury Goods
High-quality, expensive items that are not essential but are desired for their status symbol and prestige.
Inelastic Demand
A situation where the demand for a product or service does not significantly change in response to a price change, indicating consumers’ willingness to buy regardless of price adjustments.
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