Examlex
Expert systems involve which of the following?
Inferior Good
A type of good whose demand decreases when consumer income rises, and vice versa, often contrasted with normal goods whose demand increases with rising income.
Normal Good
A good for which demand increases when consumer income rises, and decreases when consumer income falls.
Income Effect
The change in an individual's or economy's income and how that change affects the quantity demanded of a good or service.
Substitution Effect
The change in consumption patterns due to a change in relative prices, holding the consumer's overall utility constant.
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