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Robert really enjoys a good meal. Unfortunately, through the years, Robert has also enjoyed chewing tobacco and now has cancer of the tongue. After surgery in which most of his tongue is removed, Robert worries that he has lost all ability to taste food. This is an unfounded worry on Robert's part as _.
Relatively Elastic
Describes a situation where the quantity demanded of a good or service greatly changes in response to changes in its price.
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a given price level in a given period.
Coefficient
A numerical value that multiplies a variable in an equation, serving as a measure of some property or characteristic.
Price Elasticity
Refers to how sensitive the quantity demanded of a good is to a change in its price.
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