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Determine whether the expression is a polynomial. If the expression is a polynomial, state whether it is a monomial,
binomial, or trinomial. If the expression is not a polynomial, indicate why not.
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Inelastic Demand
Refers to a situation where the demand for a product is relatively unresponsive to changes in price.
Inelastic Demand
A situation where the demand for a product does not significantly change with a change in price.
Good Substitutes
Products or services that can be used in place of each other, with consumers willing to switch from one to the other if the price or quality changes.
Necessity
Goods or services considered essential for basic human survival and well-being, such as food, water, and shelter.
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