Examlex
What is the consumer price index (CPI)? Explain with an example.
Normal Goods
Goods for which demand increases as the income of individuals increases, indicating a positive relationship between income and demand.
Equilibrium Price
This is the price at which the quantity of goods supplied matches the quantity of goods demanded, resulting in market equilibrium.
Demand Curve
A graph depicting the relationship between the price of a good and the quantity demanded by consumers at those prices.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable by holding other influencing factors constant.
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