Examlex
When a patient signs a form giving another person the right to make medical decisions for the patient if the patient is not able to do so, this is called:
Inferior Good
A type of product whose demand decreases when the income of consumers increases and vice versa.
Demand Coefficient
A measure that indicates the sensitivity or responsiveness of the quantity demanded of a good or service to changes in its price.
Normal Good
A good for which demand increases as the income of individuals or the economy grows, and decreases when income falls.
Income Responsiveness
The degree to which demand for a product or service changes in response to changes in consumer income.
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