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Elastic Demand
A situation where the demand for a product is sensitive to price changes, indicating that a small change in price can lead to a significant change in the quantity demanded.
Less Elastic
Describes a situation where a change in price leads to a relatively smaller change in the quantity demanded or supplied.
Market Segment
A group of potential customers who share similar needs or characteristics that a company targets with its products or services.
Earn Less Profit
A scenario where a business or individual generates a lower amount of financial gain from operations or investments.
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