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Using a graph of offer curves,for each of the following,identify the effect of the change listed on the relative price of good X and on exports of good X by Nation 1.
a. The supply of Y increases in Nation 2.
b. The demand for X decreases in Nation 1.
Lowball Technique
A persuasion strategy by which an offer is initially made attractive, but less favorable terms are introduced after commitment is obtained.
Centralised Communication
A form of communication in which all decisions and discussions flow through a central point or leader, common in hierarchical organizations.
Group Pressure
The influence exerted by a group on its members to conform to the group's norms and expectations, often affecting behavior and decision-making.
Personality
The combination of emotions, attitudes, and behaviors that makes a person unique.
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