Examlex
Explain political efficacy.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in the consumer's income.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.
Negative
In the context of economics, denotes a situation or indicator that reflects a decrease, deficit, or detrimental condition.
Inelastic Supply
A situation where the quantity supplied of a good or service is not significantly influenced by changes in price.
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