Examlex
When using an array of data with the FREQUENCY function,the following keystroke is required.
Inferior Goods
Products whose demand decreases as the income of consumers increases, reflecting a preference shift to higher-quality substitutes when affordability allows.
Price Elasticity
An assessment of the responsiveness of the demand for a product to variations in its price.
Supply
The total amount of a specific good or service that is available to consumers at a given price level and time.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in the consumer's income.
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