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After your traumatic breakup with your girlfriend,you are having trouble remembering her phone number,her birthday,and other bits of information concerning your two-year
Relationship.A friend tells you that you are experiencing repression and these bits of
Information have been pushed into your unconscious mind.Your friend is interpreting your
Situation based on the theories of
Substitution Effect
(1) A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the good’s own price. (2) The reduction in the quantity demanded of the second of a pair of substitute resources that occurs when the price of the first resource falls and causes firms that employ both resources to switch to using more of the first resource (whose price has fallen) and less of the second resource (whose price has remained the same).
Product Quality
Refers to the characteristics and features of a product that contribute to its ability to meet given requirements or expectations.
Budget Constraint
The limit that the size of a consumer’s income (and the prices that must be paid for goods and services) imposes on the ability of that consumer to obtain goods and services.
Money Income
The total amount of monetary earnings received by an individual or household over a certain period of time, before taxes and deductions.
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