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What was a central mission of the abolitionist movement?
Elastic Demand
A market situation where the quantity demanded of a good or service changes significantly as its price changes.
Short Run
A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.
Long Run
A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.
Price Paid
The actual amount of money exchanged for acquiring a good or service.
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