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-enlightened absolutism
Hunan
A province in south-central China, known for its spicy cuisine, rich cultural heritage, and historical significance.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, inversely related to income changes.
Substitution Effect
The change in consumption patterns due to a change in relative prices, causing consumers to substitute cheaper goods for more expensive ones.
Indifference Curve
A graph representing different bundles of goods between which a consumer is indifferent, showing combinations that provide the same level of satisfaction.