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Elastic
Describes a situation in which the demand or supply for a good or service changes significantly when its price changes.
Inelastic
A situation in which the demand or supply for a product does not change significantly in response to price changes.
Fixed Productive Capacity
The maximum output that an economy can produce without increasing inflation, assuming resources are fully utilized.
Chocolate
A sweet, typically brown food preparation of roasted and ground cacao seeds.
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