Instructions: Identify the Following

question 5

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Midnight appointments

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Definitions:

Inferior Goods

Goods for which demand decreases as consumer income rises, opposite to normal goods.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases as consumer income falls.

Complements

Goods or services that are often used together, where an increase in demand for one leads to an increase in demand for the other.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with high elasticity indicating a strong response and low elasticity indicating a weak response.