[Solved] ... Monthly Income: The total amount of income or earnings received by an individual or household in one month, including wages, salaries, benefits, and other sources. Food: Nutritious substances that people or animals eat or drink to maintain life and growth. Relatively Elastic: Describes a situation where a small change in price leads to a larger change in quantity demanded or supplied. Price Decline: A decrease in the cost of goods or services, often resulting from lower demand, increased supply, or external market factors.

Solved

question 126

Short Answer

...

Definitions:

Monthly Income

The total amount of income or earnings received by an individual or household in one month, including wages, salaries, benefits, and other sources.

Food

Nutritious substances that people or animals eat or drink to maintain life and growth.

Relatively Elastic

Describes a situation where a small change in price leads to a larger change in quantity demanded or supplied.

Price Decline

A decrease in the cost of goods or services, often resulting from lower demand, increased supply, or external market factors.