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A 15 percent increase in the price
Price of Apple
The cost at which an apple, as a fruit or as a company's stock (Apple Inc.), can be purchased, depending on context.
Price of Orange
Refers to the cost to purchase a single unit or a specified amount of oranges in a given market.
Substitution Effect
The economic principle that as prices rise or income decreases, consumers replace more expensive items with less costly alternatives.
Normal Goods
Goods for which demand increases as consumer income rises, and decreases when consumer income falls.
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