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When the price of a textbook is $100, 60 copies are demanded; and when the price of that textbook goes up to $120, 30 copies are demanded. In the price range between $100 and $120, the demand for the textbook is
Behavioral Economics
A field of economics that analyzes the effects of psychological, cognitive, emotional, cultural, and social factors on economic decisions.
Impulse Buying
A spontaneous, unplanned decision to buy a product or service, typically made right before a purchase.
Neoclassical Theory
An economic theory that focuses on how the perception of utility and costs influences supply and demand in markets, leading to an equilibrium.
Impulse Buying
A spontaneous, unplanned decision to buy a product or service made just before a purchase.
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