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A very fine thread is placed between two glass plates on one side and the other side is touching to form a wedge. A beam of monochromatic light of wavelength 600 nm illuminates the wedge and 178 bright fringes are observed. What is the thickness of the thread?
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, contrary to what happens with a normal good.
Net Supplier
An entity that provides more of a good or service to the market than it consumes from it.
Normal Good
A category of product that sees a rise in demand as the consumer's income grows, indicating a direct correlation between income levels and demand.
Backward-Bending
Refers to the backward-bending supply curve of labor, indicating that beyond a certain wage level, labor supply decreases as income and substitution effects impact workers' willingness to work.
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