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Explain what an unsought product is and give some examples.
Price of Tea
The cost for which tea is sold, which can vary based on factors like quality, location, and market conditions.
Negative Income Elasticity
A condition where the demand for a good decreases as the income of the consumer increases.
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.
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