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-In the above figure, income is $8, the price of a soft drink is $1, and the initial price of a milkshake is $2. If the price of a milkshake decreases to $1, the substitution effect is the movement from point ________ to point ________.
Arousal
Refers to the physiological and psychological state of being awoken or stimulated to action.
Asch
Refers to Solomon Asch, a psychologist known for his research on conformity and social pressure.
Line Comparison Experiment
An experiment, often associated with Solomon Asch's studies, that demonstrates how social pressure can influence individuals to conform, even when evidence contradicts the group's consensus.
Conformed
The process of adjusting one's behavior or thinking to match those of others, typically in a group context.
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