Examlex
The level of analysis of language that focuses on the smallest units of meaningful speech is called
Normal Goods
Goods for which demand increases when income increases, and falls when income decreases, but price remains constant.
Inferior Goods
Products whose demand decreases as the income of consumers increases, reflecting a preference shift to higher-quality substitutes when affordability allows.
Price Elasticity
An assessment of the responsiveness of the demand for a product to variations in its price.
Supply
The total amount of a specific good or service that is available to consumers at a given price level and time.
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