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Deviance in science
Price Elastic Demand
Describes a situation where the quantity demanded of a good or service significantly changes in response to a change in its price.
Close Substitutes
Goods or services that can serve as replacements for each other with little loss of utility to the consumer.
OPEC Oil Cartel
An international organization of oil-producing countries that coordinates and unifies the petroleum policies of its member states to stabilize oil markets and prices.
Inelastic
Describing demand that does not significantly change with the price changes of a good or service.
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