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Inelastic
A description of a situation where the quantity demanded or supplied changes by a smaller percentage than the changes in price.
Demand Sensitive
Reacting to changes in consumer demand, often affecting pricing and production decisions.
Long-Run Demand
The overall demand for a product or service over an extended period, considering changes in market conditions and preferences.
Short-Run Demand
The demand for goods and services in the immediate future, influenced by current prices and income levels.
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