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Inferior Goods
Goods whose demand decreases when consumer income rises, opposite to normal goods, due to their lower quality.
Demand Rises
An increase in the quantity of a good or service that consumers are willing and able to purchase at a given price.
Income Falls
A scenario where an individual or household experiences a reduction in their earnings from wages, investments, or other sources.
Equilibrium Price
The selling price where the amount of products supplied equals the amount of products demanded.
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