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Own-price Elasticity
A measure of how much the quantity demanded of a good responds to a change in its own price, often used to understand consumer sensitivity to price changes.
Quantity Demanded
The amount of a good or service that consumers are willing and able to purchase at a particular price.
Rice
A staple food grain consumed worldwide, known for its versatility and ability in serving as a primary source of energy.
Normal Goods
For normal goods, demand increases as income increases.
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