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Ted and Pam make sure that they never contradict each other while disciplining their children.They know that punishment should be consistent so their children do not receive any mixed messages about their parental ability to assert power.Ted and Pam have a good understanding of
Substitutes
Goods or services that can be used in place of one another. When the price of one rises, the demand for its substitute is likely to increase.
Elastic
Describes a situation in which the supply or demand for a good or service is highly responsive to changes in price.
Long Run
A period in economic analysis where all factors of production and costs are variable, allowing for full adjustment to changes in the market or economy.
Short Run
A period in economic theory during which at least one factor of production is fixed, limiting the capacity to adjust to changes in market demand.
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