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Substitution Effect
An economic principle describing how changes in the price of goods lead consumers to replace these goods with cheaper alternatives, affecting the quantity demanded.
Indifference Curve
An illustration representing a consumer's preference equilibrium between two products, indicating no preference difference.
Slopes Downward
Describes a line or curve on a graph that decreases in value as it moves from left to right, often used in the context of supply and demand curves.
Concave
Describes a shape or curve that is curved inward, resembling the inner surface of a sphere or circle.
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