Examlex
If you blow air between a pair of closely-spaced Ping-Pong balls suspended by strings,the balls will swing
Substitutes
Products or services that can replace or serve as alternatives to another, often influencing consumer choices and market competition.
Income Elasticity
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.
Normal Good
A good for which a rise in income increases the demand for that good—the “normal” case.
Total Revenue
The total income received by a firm from selling its goods or services, calculated as the unit price times the quantity sold.
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