Examlex
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Excess Demand
Excess demand occurs when the quantity demanded of a product or service at a given price exceeds the quantity supplied, often leading to a shortage.
Income
The money received, especially on a regular basis, for work or through investments.
Wages
Wages are the compensation paid to employees for their labor, often calculated on an hourly, daily, or piecewise basis.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.
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