Examlex
Explain why firms choose to compete in international markets.
Coke
A fuel with a high carbon content and few impurities, made by heating coal in the absence of air, used mainly in steel manufacturing.
Income Effect
The alteration in the income of either a person or an economy and the impact this change has on the demand for a specific product or service.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.
Substitution Effect
The change in consumption patterns due to a change in the price of goods, leading consumers to substitute one good for another.
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