Examlex
Which of the following is a Part I offense?
Income Elasticity
A measure of how much the demand for a good or service changes in response to changes in consumer income.
Inferior Good
A type of good whose demand decreases when consumers' income increases, opposite to normal goods.
Demand Elastic
A measure of how sensitive the quantity demanded of a good or service is to a change in its price.
Supply Inelastic
A situation where the quantity supplied of a good is not significantly affected by changes in its price.
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