Examlex
Which of the following surgical procedures corrects myopia?
Inferior Good
An inferior good is one where demand decreases as the income of the consumer increases, opposed to a normal good where demand increases with an increase in income.
Price Elasticity
A determination of how price fluctuations affect the demand level for a good.
Demand Coefficient
A numerical measure of the sensitivity of demand for a good or service to a change in one of its determinants, such as price, income, or the price of related goods.
Buyer Responsiveness
THe degree to which consumers change their demand for a product or service in response to changes in its price or attributes.
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