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If the demand for a product is elastic,then
Effort Justification
A phenomenon where individuals assign greater value to outcomes they have put significant effort into achieving, regardless of the actual value of the outcome.
Universally Applicable
Refers to principles, rules, or criteria that are relevant and can be applied in every situation, without exceptions.
Special Benefits
Privileges or advantages provided to individuals or groups under specific conditions or circumstances.
Cognitive Dissonance
A psychological discomfort experienced when holding two or more conflicting beliefs, ideas, or values.
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