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Income Elastic
Describes a good or service for which demand changes significantly when consumer incomes change, indicating a strong connection between income level and purchasing behavior.
Income Inelastic
Referring to goods or services whose demand does not significantly change as people's income levels change.
Price of Sugar
The cost at which sugar is sold in a market, influenced by factors such as supply, demand, production costs, and market conditions.
Quantity Demanded
Represents the total amount of a good or service that consumers are willing and able to purchase at a given price.
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