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Individuals will usually make choices to minimize the value of some objective.
Demand for Gasoline
The consumer's desire and willingness to pay for gasoline, influenced by its price, consumer income, and the prices of substitutes and complements.
Inelastic Demand
A market condition in which the demand for a product does not change significantly when its price increases or decreases.
Necessity
A requirement or an indispensable item essential for survival or the functioning of a system.
Price of the Product
The financial cost of acquiring a good or service.
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