George Stigler argued against this quantity's "kinked" type, which often appears in oligopolies.
George Stigler argued against this quantity's "kinked" type, which often appears in oligopolies. Changes in two types of this quantity are related by the Slutsky equation; those types are named for John Hicks and Alfred Marshall. The income and substitution effects can explain the "law of" this quantity, which Veblen goods violate due to their direct relationship with price, when its namesake curve usually shows a drop in this quantity as price goes up. For 10 points, name this term that describes the willingness of consumers to purchase, and determines prices along with supply.
George Stigler argued against this quantity's "kinked" type, which often appears in oligopolies.
demand curve [or demand function] &lt;AD&gt;