When consumers seek to be different and exclusive by demanding less of a community as more people consumers it. this phenomenon is known as..

This phenomenon is known as snob effect

Snob effect - means when a product becomes common among all, some people( usually status seeking rich people) decrease or altogether stops its consumption.

The snob effect is a phenomenon described in microeconomics as a situation where the demand for a certain good by individuals of a higher income level is inversely related to its d...