Examlex
If a child believes that the name "cat" refers only to her own family's cat and to no other cats, she is a victim of
Inferior Good
A type of good for which demand decreases as the income of the consumer increases.
Income Increases
The rise in the amount of money received, typically on a regular basis, for work or through investments.
Law of Demand
A principle stating that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa.
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the equilibrium price, where demand and supply are equal.
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