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Which event occurred first?
Price Elasticity
An indicator of consumer sensitivity to price fluctuations, represented by the extent to which the demand for a product adjusts in response to variations in its price.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a given price level during a specified time period.
Production Process
The sequence of actions or steps involved in producing a good or service, encompassing all activities from raw material to finished product.
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