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Realists and liberals agree on all the following points except
Elastic
Describes a situation in which the quantity demanded or supplied changes significantly in response to a change in price.
Demand
The desire of consumers, backed by the ability and readiness to purchase, for specific goods or services at a given time.
Downward-Sloping
A graphical representation indicating a decrease or decline in value or quantity when plotted against another variable, often used in economics to describe demand curves.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at each price.
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