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Elastic Demand
A situation in which the demand for a product or service significantly changes in response to changes in price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price point.
Percentage Increase
A measure of how much a quantity has grown compared to its original number, expressed as a percentage.
Demand Curve
The demand curve is a graphical representation showing the relationship between the quantity of a good consumers are willing to buy and its price.
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