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Which is NOT a narrow, elongated country?
Supply Elastic
Relates to how much the quantity supplied of a good changes in response to changes in its price.
Recession
An economic downturn marked by a significant decline in activity across the economy, lasting more than a few months.
Demand Decline
A situation where the desire or willingness of consumers to purchase a particular good or service decreases over time.
Elastic Demand
A situation where the quantity demanded of a product changes significantly when its price changes.
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