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Economic Substitution
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Summary
Economic Substitution
refers to the tendency of consumers to replace more
Expensive items
with
Less costly alternatives
when prices change. This behavior is central to understanding
Consumer Choice
and
Demand Elasticity
in response to
Price Fluctuations
.
Concepts
Substitution Effect
Cross Elasticity Of Demand
Price Elasticity Of Demand
Consumer Choice Theory
Budget Constraint
Indifference Curve
Marginal Utility
Opportunity Cost
Giffen Goods
Inferior Goods
Substitution Patterns
Relevant Degrees
Economic Theory and Concepts 70%
Economic Planning and Policy 30%
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