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Relatively Inelastic
Relatively inelastic describes a scenario where the demand or supply for a product changes only slightly in response to changes in price.
Unitary Elasticity
A situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.
Percentage Increase
A measurement that calculates the degree to which a value has risen compared to its previous value, expressed as a percentage.
Price Elasticity
Measures how much the quantity demanded of a good changes in response to a change in its price.
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