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Explain how the availability of substitutes affects demand elasticity.
Period Cost
Costs that are not directly tied to the production process and are expensed in the period in which they are incurred.
Plastic Parts
Components or materials made out of plastic, often used in manufacturing and production of various goods.
Direct Materials
Essential parts that directly contribute to the fabrication of particular merchandise or services.
Product Cost
The total amount incurred to manufacture a product, including direct materials, labor, and overhead expenses.
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