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Elastic
In economics, elasticity refers to the degree to which demand or supply responds to changes in price. High elasticity means a significant change in quantity with a small change in price.
Unit-elastic
A situation in which the percentage change in quantity demanded is equal to the percentage change in price, indicating a unitary elasticity of demand.
Labor Demand
Refers to the quantity of workers that employers are willing to hire at a given wage rate.
Rapidly Declining
This term describes a situation where values, prices, or quantities are decreasing quickly over a period of time.
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