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Least Costly
The most economical or budget-friendly option among a set of alternatives.
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, indicated by a greater change in quantity demanded.
Labor Costs
The total amount of money businesses have to spend on paying their employees, including wages, salaries, and benefits.
Wage Rates
The amount of money paid per unit of time or output to an employee for labor.
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