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INFERIOR GOOD: A good for which an increase in income causes a decrease in demand, or a leftward shift in the demand curve. If demand decreases as income increases, it is an inferior good, or a good with a negative income elasticity of demand. An inferior good is one of two alternatives falling within the income determinant of demand. The other is a normal good.
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PRICE DISCRIMINATION The act of selling the same good to different buyers for different prices that are not justified by different production costs. This is practiced by suppliers who have achieved some degree of market control, especially monopoly. Common examples of price discrimination are electricity rates, long-distance telephone charges, movie ticket prices, airplane ticket prices, and assorted child or senior citizen discounts. Price discrimination takes the form of one of three degrees: (1) first degree, in which each price is the maximum price that buyers are willing and able to pay, (2) second degree, in which price is based on the quantity sold, and (3) third degree, in which prices are based on an easily identifiable characteristic of the buyer.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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ADV FRT
Advance Freight
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