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Avery and Bolton are two gifted architecture students at the University of the Outaouais. Both have been involved in a competition to come up with a design for a particularly immense structure. In class one day, one of their professors exposes them to a formula which, when applied in a particular manner to the competition, leads to a new, never- before- thought- of design for particularly immense structures. Independently, both students develop virtually identical designs for the competition. Avery is so enthused by his new discovery that he registers his copyright in the design. Tanner, a slightly lazier student, was considering entering into the same competition. Snooping around Bolton's desk one day, Tanner saw Bolton's design for the super structure. Tanner copied the design, and sold it to an architecture firm. Which of the following is TRUE?
Price of Desks
The amount of money required to purchase a desk, determined by factors like supply, demand, and production costs.
Supply
the total amount of a specific good or service that is available to consumers.
Inferior Good
A type of good for which demand decreases as the income of the individual increases, inversely related to income.
Normal Good
A good for which demand increases as the income of the consumer increases, reflecting a direct relationship between income and demand.
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