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Slope of Budget Line
The rate at which one good can be exchanged for another without changing the overall spending, reflecting trade-offs in consumer choice.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating a stronger response.
Change in Price
A variation in the cost of a good or service over a period which can affect demand and supply dynamics in the market.
Price of X
The amount of money required to purchase a specified good or service, indicated here as "X."
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