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Use the Formula for the General Term of a Geometric SequenceUse the formula for the general term (the nth term) of a geometric sequence to find the indicated term of the
sequence with the given first term, , and common ratio, r.
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Inferior Good
A type of good for which demand decreases as the income of consumers increases, and vice versa.
Complementary Goods
Products or services that are typically consumed together, where the increase in demand for one leads to an increase in demand for the other.
Substitute Goods
Products or services that can be used in place of each other, where the increase in the price of one leads to an increase in demand for the other.
Independent Goods
Products whose demand is not influenced by the price or availability of other goods.
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