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Which is the LEAST reliable and complicated way to pay for long-term care?
Income Elasticity
A measure of how much the demand for a product changes in response to a change in consumers' income.
Income Elasticity
A measure of how the quantity demanded of a good or service changes in response to a change in consumer income.
Inferior Good
A type of good for which demand decreases when consumers' income increases, opposite to normal goods.
Perfectly Inelastic
Describes a situation where the demand for a good does not change in response to a change in price.
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