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Price Inelastic Refers When Buyers Are Not Sensitive to Price

question 104

Short Answer

Price inelastic refers when buyers are not sensitive to price changes and demand is relatively _____.


Definitions:

Strengths

Positive attributes or abilities that an individual or organization possesses.

Skills

Abilities or expertise in specific activities, often acquired through practice and education.

Previous Experience

The knowledge or skills a person has gained from past activities, jobs, or situations.

Customize

To modify or build something according to individual specifications or preferences.

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