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A person arrived at a company party dressed in a bunny costume,only to discover that the party was not a costume party.Although he had been tricked by a co-worker,from then on everyone saw him as crazy and eccentric,and eventually he came to think of himself in this way too.The initial mistake at the party is an example of:
Elasticity of Supply
The measure of how much the quantity supplied of a good changes in response to a change in price.
Income Elasticity
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding everything else constant.
Housing Demanded
The quantity of residential properties that buyers are willing and able to purchase at a given price level.
Demand Elasticity
A quantification of the effect of price variation on the demand level for a specific good.
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