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Cross Elasticity Coefficient
A measure of how the quantity demanded of one good changes in response to a price change in another good.
Substitutability
The degree to which a product or service can be replaced with another as viewed by the consumer, affecting competition and market dynamics.
Minimum Wage
The lowest legal hourly rate that employers can pay workers, established to protect workers from unduly low compensation.
Inelastic Demand
A situation where the demand for a product or service does not significantly change in response to price changes.
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