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The staff of Mr.Wayne Wertz, VP of Operations at Portland Peoples Bank, prepared a frequency histogram of waiting time for walk-in customers. Approximately ___ walk-in customers waited less than 2 minutes.
Luxury Tax
A tax imposed on expensive goods and services considered to be non-essential or luxurious.
Yachts
Luxurious, privately owned boats that are used for leisure or sports.
Relatively Inelastic
Describes a situation where the demand for a good or service only slightly changes in response to price changes.
Relatively Elastic
A description of a situation where the demand for a good or service significantly changes in response to a change in price.
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