Examlex
Which of the following is likely to have the most price elastic demand?
Income Effect
The influence of income adjustments on the demand for goods or services, whether in an individual's finances or within an economy.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading to consumers replacing more expensive items with less costly alternatives.
Diminishing Marginal Utility
The principle that as more of a good or service is consumed, the additional satisfaction or utility gained from consuming an additional unit declines.
Total Utility
The total satisfaction or benefit received by consuming a given total quantity of a good or service.
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