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Intertemporal substitution effect

The intertemporal substitution effect means that we postpones the consumption in time.

The intertemporal substitution effect means that if prices are high today, we choose to wait and consume at a later date.

The intertemporal substitution effect is an explanation of why the demand curve has a negative slope.
Updated
4/29/2013
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intertemporal substitution effect, macro theory, economics