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If a increase in income decreases the demand for a good,then the good is a(n)
Long-run Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied over a long period, considering all possible changes in inputs and technology.
Elastic
Elastic refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price, with high elasticity meaning significant responsiveness.
Average Variable Cost
The cost variable per unit of output produced, calculated by dividing total variable costs by the quantity of output.
Economic Losses
The reduction in financial wealth, goods, or services that results from an event or decision.
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