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Today, sociologists emphasize that race is a socially constructed reality, not a biological one. According to this approach, the social significance that people accord to race is more significant than any biological differences that might exist among people who are placed in arbitrary categories.
Inelastic Demand
A situation in which the demand for a product does not change significantly when the price of the product changes.
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, meaning a small price change can cause a large change in quantity demanded.
Airline Prices
The cost of air travel tickets, influenced by factors such as fuel prices, demand, seasonality, and market competition.
Price-Inelastic
Describes a situation where the demand for a good or service changes little in response to changes in price.
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