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4 Cards in this Set
- Front
- Back
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Normal goods |
Any goods for which demand increases when income increases, and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand. |
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complementary goods |
used together with other goods |
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inferior goods |
products whose demand decreases when consumer incomes rise and whose demand increases as consumer incomes fall |
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supply |
a schedule of quantities a seller is willing to sell per unit at various prices |
