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Uses Microskills with All Clients

question 35

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Uses microskills with all clients.


Definitions:

Perfectly Inelastic

A situation where the quantity demanded or supplied does not change in response to a price change.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, with high elasticity indicating sensitivity to price changes.

Income Elasticity

A measure of how the quantity demanded of a good responds to a change in consumers' income, indicating the good's necessity or luxury status.

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