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Straight-Line Demand
Straight-Line Demand refers to a demand curve that shows a constant rate of change in the quantity demanded as price changes.
Percentage of Income
A measure indicating what portion or ratio of one's income is allocated to a specific expenditure or category.
Unit Elastic
Describes a situation in which the percentage change in quantity demanded is equal to the percentage change in price, leading to no change in total revenue.
Income Elasticity
A measure of how much the demand for a good will change in response to a change in consumer's income.
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