Examlex
Simplify the rational expression. (Assume the denominator is nonzero.)
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Income Decrease
Income decrease refers to a reduction in the amount of money earned by an individual or received by a household, affecting their ability to spend and save.
Giffen Goods
A type of product that paradoxically experiences increased demand as its price rises, seemingly contrary to the basic law of demand due to the effect on consumption of essential goods.
Inferior Goods
Products whose demand decreases as the income of consumers increases, due to the preference for higher-quality substitutes.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
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