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Income Elasticity of Demand
An indicator of the variation in demand for a product or service resulting from alterations in buyers' income levels.
Perfectly Inelastic
A situation in demand where the quantity demanded does not change in response to a change in price.
Insulin
A hormone produced by the pancreas that regulates blood glucose levels by facilitating the uptake of glucose into tissues, used medically to treat diabetes.
Quantity Demanded
The total amount of a good or service that consumers are willing to buy at a given price level in a given period.
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