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Price Elasticity of Demand
A measure of how much the quantity demanded of a good changes in response to a change in its price.
Close Substitutes
Products or services that can be used in place of one another with little difference in satisfaction for the consumer, leading to a high cross-elasticity of demand.
Supply
The total amount of a good or service that is available for purchase at any given price level.
Antiques
Items of high value due to their considerable age and historical significance, often collected or used for investment.
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