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When a liquid is in dynamic equilibrium with its vapor at a given temperature,the following conditions could exist:
I.There is no transfer of molecules between liquid and vapor.
II.The vapor pressure has a unique value.
III.The opposing processes, (liquid to vapor) and (vapor to liquid) ,proceed at equal rates.
IV.The concentration of vapor is dependent on time.
Which of the above choices are applicable?
Budget Line
A graphical representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.
Giffin Good
A type of good for which demand increases as its price increases, contrary to the typical law of demand.
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The influence of income adjustments on the demand for goods or services, whether in an individual's finances or within an economy.
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The change in consumption patterns due to a change in the relative prices of goods, leading to consumers replacing more expensive items with less costly alternatives.
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