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What is the effect of a decrease in the price of a product?
Lemonade
A beverage made from lemon juice, water, and sweeteners, often homemade and sold during warm weather for refreshment.
Budget Constraint
The limitations on the household's or entity's ability to purchase goods and services, based on their income and prices.
Good X
A placeholder term often used in economics to represent a generic good or product in theoretical models.
Good Y
An alternative characterization of a product or commodity that satisfies consumer needs or desires, often used in comparative analyses.
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