Examlex
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Income Elasticity of Demand
A measure of how the quantity demanded of a good changes in response to a change in consumers' income.
Inferior Good
A type of good whose demand decreases as the income of consumers increases, contrasting with normal goods.
Supply
The total amount of a good or service that is available for purchase at any given price.
Perfectly Inelastic
Describes a situation where the quantity demanded or supplied does not change in response to a price change.
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