Examlex
Which of the following was a reaction against too much reliance on human reason during the eighteenth century in Europe?
Normal Goods
Goods for which demand increases as consumer income rises, and decreases as consumer income falls.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in consumers' income.
Inferior Good
A type of good for which demand decreases when the income of the consumer increases, inversely related to consumer income.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, in contrast to a normal good.
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