Examlex
Which of the following is true about valence?
Normal Good
A good for which demand increases when consumer income rises, and falls when consumer income decreases, all other factors being constant.
Demand Curve
A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.
Equilibrium Price
The price in the market where the amount of a product that consumers want to buy is the same as the amount available for sale, resulting in a balanced market situation.
Demand Schedules
Tabular representations showing the quantity of a good or service that consumers are willing and able to buy at various prices, over a specified period.
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