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A black body absorbs all radiations. As a result of absorption of these radiations
Elastic Demand
A condition where the demand for a product is significantly responsive to changes in its price.
Inelastic Demand
Describes a situation in which the demand for a product does not significantly change with a change in price.
Total Expenditures
The sum of all spending or expenses incurred by an individual, organization, or government.
Close Substitutes
Products or services that can serve almost the same function as another in the eyes of consumers.
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