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Most sociologists saw society as consisting of individual actors who make their own choices, whereas Herbert Mead believed in society-by-previous-design rather than in society-in-the-making.
Elastic Demand
A situation where the demand for a product or service significantly changes in response to a change in price, indicating consumers' sensitivity to price changes.
Inelastic Demand
A situation where the demand for a product or service remains relatively unchanged despite changes in its price.
Marginal Cost
The rise in aggregate expenditure resulting from the production of one more unit of a good or service.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded.
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