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Figure 13.2
Using Figure 13.2, identify the following components of the reflex arc:
-Effector.
Normal Goods
Goods for which demand increases as consumer income rises, and decreases as consumer income falls.
Inferior Goods
Goods for which demand decreases as consumer income rises, in contrast to normal goods, where demand increases with higher incomes.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.
Quantity Supplied
The total amount of a specific good or service that is available to consumers at a given price point and time.
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