Examlex
What are crisis-meeting resources? Give at least two examples.
Inferior Good
is a type of good whose demand decreases when the income of consumers increases, contrary to what is observed with normal goods.
Cross-price Elasticity
A measure of how the demand for one good responds to a change in the price of another good, indicating their substitutability or complementarity.
Complements
Goods or services that are used together, where an increase in demand for one leads to an increase in demand for the other.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in consumers’ income.
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