Examlex
What factors contributed to the fall of the Old Kingdom?
Individual Demand
This refers to the quantity of a good or service that a single consumer is willing and able to purchase at various prices, holding other factors constant.
Normal Good
A type of good for which demand increases when income increases, and falls when income decreases, but price remains constant.
Inferior Good
A type of good for which demand decreases as the income of individuals or the economy increases, opposite to what is observed with a normal good.
Law of Supply
It states that, all else equal, an increase in the price of a good or service will lead to an increase in the quantity supplied.
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