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A nor'easter typically occurs when:
Positive Elasticity
Occurs when the demand for a product increases as the price increases, indicating a direct relationship between price and demand.
Inelastic Demand
A situation where the demand for a product does not change significantly with a change in the price of that product.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, typically because consumers will choose higher quality substitutes when they can afford them.
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