Examlex
Drawbacks of IM include the _____________
Income Elasticity
A measure of how much the demand for a good will change in response to a change in consumers' income.
Inferior Good
An inferior good is a type of good whose demand decreases when consumer income rises, in contrast to normal goods, whose demand increases with rising incomes.
Shoes
Footwear items designed to protect and comfort the human foot while offering various styles and functions.
Income Elasticity
Measures how the quantity demanded of a good changes in response to a change in consumers' income.
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