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Inferior Good
A type of good for which demand decreases as the income of consumers increases, opposite of normal goods.
Income Increases
Situations where individuals or households experience a rise in earnings, affecting their purchasing power and consumption choices.
Demand Curve
A graphical representation that shows the relationship between the quantity of a good or service consumers are willing and able to purchase and its price.
Excess Demand
A market condition where the quantity demanded of a good exceeds the quantity supplied at a given price, often leading to price increases.
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