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The class is playing a game of Jeopardy! and it is your turn."I'll take Pioneers in Psychology for $50." The revealed answer is "Gave great attention to the primary sexual drives of human beings as a main tenet of his theory." Just before the buzzer sounds,what would you say?
Substitutes
Products or services that can be used in place of one another; when the price of one increases, the demand for the other may increase as consumers switch to the cheaper option.
Negative
A term indicating something less than zero or lacking in positivity, often used in financial contexts.
Income Elasticities
Income elasticities measure how the quantity demanded of a good changes in response to a change in consumers' income.
Normal Goods
Goods for which demand increases as consumer income rises, and decreases as consumer income falls.
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