A decrease in demand refers to a situation where consumers are willing and able to buy less of a product at every possible price, leading to a leftward shift of the demand curve.
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Inferior Goods: Inferior goods are products for which demand decreases as consumer income increases. These goods are often seen as lower-quality or less desirable alternatives.
Normal Goods: Normal goods are products for which demand increases as consumer income increases. These goods are typically considered essential or higher-quality items.
Price of Related Goods: The prices of related goods can influence the demand for a particular product. If the price of a substitute good decreases, it may lead to a decrease in demand for the original product.