Examlex
Explain what is meant by quantum meruit.
Inferior Goods
Inferior goods are types of goods whose demand decreases as the income of the consumer increases, opposite to what is observed with normal goods.
Superior Good
A type of good whose demand increases as the income of individuals increases, contrary to inferior goods.
Demand Curve
A visual chart that illustrates the connection between a product's price and the amount consumers want to purchase.
Price
The monetary value needed to obtain a product, service, or investment.
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