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Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded at those prices, typically downward sloping.
Elastic Demand
A situation where the demand for a product or service significantly changes in response to a change in its price.
Substitutes Availability
The presence of alternative products or services that consumers can turn to when the price of a good increases or its quality decreases.
Supply Curves
A graph that shows the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale at that price.
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