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Elasticity
A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in price.
Tax
A mandatory financial charge imposed by a governmental organization on individuals or entities to fund public expenditures.
Slightly Inelastic
A situation where a change in price leads to a relatively smaller change in the quantity demanded or supplied.
Demand for Product
The total amount of a product or service that consumers are willing and able to purchase at various price levels, at a given time.
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