Examlex
Which of the following variables is related to the kinds of leisure activities people choose?
Inferior Good
An economic term for a good whose demand decreases as the consumer's income increases, contrasting with normal goods.
Equilibrium Quantity
The quantity of goods or services supplied that is equal to the quantity demanded at the market price.
Normal Good
A normal good is a type of good for which demand increases as the income of individuals increases.
Equilibrium Price
The rate at which the product's supply equals its demand in the market.
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