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In the circular-flow diagram, households:
Inelastic Demand
A situation where the quantity demanded of a good or service changes little when its price changes.
Elastic Demand
A condition where the quantity demanded of a product changes significantly in response to changes in its price.
Expenditures Decline
A situation where the amount of money spent by individuals or entities decreases over a period of time.
Elastic Demand
A scenario where the quantity demanded of a product is highly sensitive to changes in its price.
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