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Inferior Good
A type of good whose demand decreases when consumer income rises, unlike normal goods, for which demand increases with income.
Quantity Demanded
The amount of a product consumers are willing and able to purchase at a given price over a specified time period.
Income
The money received by an individual or business for work done, from investments, or from the sale of goods or services.
Cross-Price Elasticity
An index indicating the variation in demand for a particular item as a result of the price alteration of a different item.
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