Suppose the Price of X Goes Up and a Consumer

question 97

Essay

Suppose the price of X goes up and a consumer goes on consuming the exact same amount of X as before.Then X cannot be an inferior good.

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Definitions:

Consideration

In legal terms, it's something of value exchanged between parties in a contract, making the agreement binding.

Illusory Promise

A statement or promise that appears to assure a commitment but, upon closer inspection, lacks the necessary binding effect to be considered legally enforceable.

Breach Of Contract

A situation where one party fails to fulfill their obligations under a contract.

Adequacy Of Consideration

The fairness of the value exchanged in a contract, though not necessarily equal in monetary terms.