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When does a baby's smile indicate recognition of faces in a social context?
Demand
Refers to the desire and willingness of consumers to purchase goods and services at different prices.
Income Elasticity of Demand
An indicator of the variation in the demand for a product as a result of changes in the income levels of consumers.
Normal Good
A good for which demand increases when consumer income rises, and decreases when consumer income falls.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, and vice versa.
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