Examlex
Which of the following statements is FALSE?
Market Supply
The total quantity of a good or service that sellers are willing and able to sell at a given price over a specific period.
Elasticity
Elasticity refers to the measure of how much the quantity demanded or supplied of a good changes in response to a change in price.
Normal Good
A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in consumer income, indicating whether a good is a luxury or a necessity.
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