Examlex
Which of the following is a statement you would expect to hear from someone high in agreeableness
Elastic
Describes a situation in economics where the demand for a product or service significantly changes in response to a price change.
Substitution Effect
The change in consumption resulting from a change in the relative prices of goods, leading consumers to substitute one good for another.
Relative Price
The price of one good or service compared to another, usually expressed as a ratio or quotient.
Substitution Effect
The change in consumption patterns due to a shift in the relative prices of goods, leading consumers to substitute one good for another.
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