Examlex
What is the relationship between race and class according to sociologists like Howard Winant and Michael Omi?
Relatively Inelastic
A situation where a change in the price of a good or service causes a comparatively smaller change in the quantity demanded or supplied.
Necessities
Goods and services that are essential for survival, such as food, shelter, and healthcare, often characterized by inelastic demand.
Luxuries
Goods or services that are considered non-essential but are desired for their ability to provide comfort, convenience, or pleasure.
Elasticity Of Supply
A measure of how much the quantity supplied of a good responds to a change in the price of that good.
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