-What is labeled "b"?
Definitions:
Inferior Good
A type of good for which demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at those prices.
Supply Curve
A graphical representation showing the relationship between the quantity of goods that producers are willing to sell and the price of those goods.
Equilibrium Price
The price at which the quantity of a product demanded equals the quantity supplied.
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