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Define evolutionary and revolutionary change.When is each appropriate?
Absolute Value
The non-negative value of a number regardless of its sign.
Elasticity
a measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price.
Quantity Effect
The change in quantity demanded or supplied as a result of changes in price.
Price Effect
The impact that a change in the price of a good or service has on its demand or supply.
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