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What is meant by the terms acentric and dicentric?
Quantity Effect
The change in the quantity demanded or supplied as a result of changes in price, holding all else constant.
Price Effect
The impact on consumer demand and supply of goods or services caused by a change in the price of those goods or services.
Perfectly Elastic
Describes a situation where the quantity demanded or supplied can change infinitely with any small change in price.
Price
The total monetary value expected, obliged, or handed over in exchange for something.
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