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Four-year-old Dimitri agrees that two rows of nickels, equally spaced, contain the same number of nickels. If the spacing increased between the nickels in one row, he thinks that row now has more nickels. Dimitri has not acquired the concept of
Elastic
A characteristic of goods or services with demand that is significantly responsive to changes in price.
Value Of Land
The worth of a piece of land determined by its characteristics, location, and potential uses.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
Elastic
A characteristic of demand or supply indicating a high responsiveness to changes in price.
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