Examlex
In an effort to consolidate virtually all programs relating to education, Congress created the Department of Education during the presidency of _____________.
Price Increase
An upward adjustment in the cost of goods or services, often driven by factors like inflation, increased demand, or higher production costs.
Inferior Good
An inferior good is a type of product whose demand decreases as the income of the consumer increases, in contrast to normal goods.
Income Elasticity
Measures how the demand for a product or service changes in response to changes in consumer income.
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