Examlex
A fall in the price of raw milk (which is used in the production of ice cream) will
Inferior Goods
Goods whose demand decreases when consumer income rises, opposite of normal goods.
Normal Goods
Goods for which demand increases as the income of consumers increases.
GDP
Gross Domestic Product refers to the sum total of all monetary values of final goods and services produced within the geographical confines of a country during a given time frame.
Income Effect
The change in an individual’s or economy’s income and how that change will affect the quantity demanded of a good or service.
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