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Price Effect
General scientific definition
"The effect of market prices on consumer demand. ... In general, when prices rise, buyers will typically buy less and vice versa when prices fall." (Investopedia, https://www.investopedia.com/ask/answers/041515/whats-difference-between-income-effect-and-price-effect.asp)
The price effect is a combination of the income effect and the substitution effect.
Relevant substantive theories
Microeconomics
Consumer choice theory
Sources
Any book on microeconomics
Examples
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