Examlex
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Price Elastic
A measure of how much the quantity demanded of a good or service changes in response to a change in its price.
Income Inelastic
A situation where the demand for a good does not significantly change with a change in consumer's income.
Real Prices
Prices that have been adjusted for inflation, reflecting the true purchasing power of money over time.
Inflation-Adjusted
Describes values that have been modified to account for changes in the purchasing power of money due to inflation, allowing for comparison over different time periods.
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