Examlex
A decrease in the price of a good will result in:
Normal Good
A type of good for which demand increases when income increases and falls when income decreases, with other factors being constant.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.
Luxury
A good or service that is considered non-essential but desirable, often characterized by high quality, exclusivity, and a high price.
Necessity
A good or service that is essential for survival or basic living, such as food, water, or shelter.
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