Examlex
Which of these statements is correct?
Housing Demanded
The quantity of residential properties that buyers are willing and able to purchase at a given price level.
Demand Elasticity
A quantification of the effect of price variation on the demand level for a specific good.
Income Elasticity
A measure of how much the quantity demanded of a good or service changes in response to a change in consumers' income.
Inferior Good
A type of good whose demand decreases when consumer income rises, unlike normal goods, which see an increase in demand with rising income.
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