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Price Change
A variation in the cost of a good or service over time, influenced by factors like supply, demand, and inflation.
More Elastic
Describes a situation where the demand or supply for a good or service is highly responsive to changes in price.
Less Elastic
Describes a situation where the demand or supply for a product or service is relatively unresponsive to changes in price.
Perfectly Inelastic
A situation where the demand or supply for a good does not change in response to changes in price.
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