Examlex
Give the meanings for the following suffixes.
--blast: __________
Income Elasticity
A measure of how much the demand for a good or service changes with a change in the consumer's income.
Negative Elasticity
It refers to a situation in which demand for a product decreases when its price decreases, or vice versa, going against the typical demand pattern.
High Income Elasticity
A situation where the demand for a good or service is significantly affected by changes in consumer income levels.
Luxury Good
High-quality or extravagant products that are not considered essential but are highly desired and associated with wealth.
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