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George argues that prize fighting should be outlawed. But many prize fighters have been great athletes-Muhammad Ali, Lennox Lewis, Rocky Marciano, and Joe Louis, to name just a few. Clearly George is mistaken.
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a specific price level, at a given point in time.
Elasticity Coefficient
A numeric value that measures the responsiveness of the quantity demanded or supplied of a good to a change in one of its determinants, such as price.
Perfectly Inelastic
A situation where the demand for a product does not change in response to changes in price; the demand curve is perfectly vertical.
Gas-guzzler Automobiles
Describes vehicles that are inefficient in their fuel consumption, typically with lower miles per gallon.
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