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Good Y is an inferior good.If the average income of those who buy good Y rises,the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y.
Inelastic
A characteristic of goods whose demand or supply is not significantly affected by changes in price.
Nondiscriminating Monopolist
A monopolist who charges the same price for all units of output sold, not engaging in price discrimination between different consumers.
Elastic
Describes a situation where the quantity demanded or supplied of a good or service changes significantly when its price changes.
Imperfectly Competitive Market
A market structure where the assumptions of perfect competition, such as identical products and many buyers and sellers, are not fully met.
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