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Refer to the information provided in Figure 3.5 below to answer the question(s) that follow. Figure 3.5
-Refer to Figure 3.5. If consumer income increases, the demand for chili peppers shifts from D0 to D1. This implies that chili peppers are a(n)
Good X
A placeholder term used to represent any market commodity or product for the sake of economic analysis or discussion.
Income
Total earnings derived from labor, investments, and any other source, typically discussed in the context of individuals or households.
Income
Funds accrued regularly from work performed or assets invested.
Good Y
Typically used in economics as an arbitrary designation for a commodity or product in theoretical models and analysis.
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