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definition: If consumers expect the price of a product to change in the future, they will change their demand for the product now.
connected key terms: none price determinants of demand | petics | population & demographics | tastes & advertising | income | compliments | substitutes
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▪️ gas prices go up over labor day, people get gas the thursday before the three day weekend ▪ black friday is coming, families hold off buying things until then |