Examlex
When Claudette found a flaw in a major outgoing order and corrected it before it was shipped, her boss gave her two vouchers to the best steak house in town. What is this type of incentive called?
Relative Prices
The price of one good or service compared to another, indicating their exchange rate in the market.
Normal Good
A type of good for which demand increases when income increases and falls when income decreases, with other factors being constant.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.
Luxury
A good or service that is considered non-essential but desirable, often characterized by high quality, exclusivity, and a high price.
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