Examlex
After buying a $300 suit, a $30 tie seems cheap. This is an example of:
Normal Good
A type of good for which demand increases when consumer income rises and decreases when consumer income falls.
Income
Money received, especially on a regular basis, for work or through investments.
Quantity Demanded
Refers to the amount of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.
Price Elastic
Refers to the sensitivity of the demand for a product in response to changes in its price.
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