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Price Elasticity
A measure of how the quantity demanded or supplied of a good changes in response to a change in its price, indicating the sensitivity of consumers or producers to price changes.
Elastic
Describing a situation where the demand or supply for a product responds significantly to changes in price.
OPEC
The Organization of the Petroleum Exporting Countries, an intergovernmental organization of 13 oil-producing nations that collaborate to manage the supply and set the price of oil.
Elastic
Describes a situation where the quantity demanded or supplied of a good or service significantly changes in response to a change in price.
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