Examlex
The 4-year-old child's vision is not 20/20. What does this result indicate?
Revealed Preferences
The theory that consumers' preferences can be determined by their purchasing habits and behavior rather than through their expressed desires or responses to surveys.
Preferences
The subjective tastes or desires of individuals or entities, which determine their choices among various options.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, contrasting with normal goods.
Price Increase
A rise in the cost of goods or services.
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