Examlex
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Cross-elasticity of Demand
A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating substitutes or complements.
Normal Goods
Items for which demand increases as consumer income rises, showing a positive correlation between income and demand.
Law of Supply
A fundamental principle stating that, all else being equal, an increase in the price of a good will result in an increase in the quantity supplied.
Price-elasticity of Supply Coefficient
A numerical measure of how much the quantity supplied of a good responds to a change in its price.
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