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How are unemployment,inflation,and the business cycle related?
Price Elasticity
An indicator of the sensitivity of the demand for a product to alterations in its price.
Elastic
A term used to describe the sensitivity of the quantity demanded or supplied of a good or service to a change in its price.
Quantity Demanded
The specific amount of a product that buyers are willing and able to purchase at a given price.
Inelastic
Characterized by a low responsiveness of quantity demanded or supplied when there is a price change, signifying that changes in price have minimal impact on consumers' purchasing behavior.
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