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Inferior Good
A type of good whose demand decreases when consumer income rises, contrary to normal goods, which see increased demand as incomes rise.
Inferior Good
A type of good whose demand decreases when the income of consumers increases.
Normal Good
An item whose demand escalates as the income of consumers increases, and contracts when their income decreases.
Successively Less
Refers to a situation or process where there is a gradual decrease in quantity, quality, or intensity over time.
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