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1. Explain and give examples: (a) Free goods (b) Economic goods (c) Public goods 2. What variables influence the demand for a normal good? Explain

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1. Explain and give examples: (a) Free goods (b) Economic goods (c) Public goods 2. What variables influence the demand for a normal good? Explain why a reduction in the price of a normal good does not increase the demand for that good

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