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If a Small Price Increase Causes Large Volume Declines,demand Is

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If a small price increase causes large volume declines,demand is highly inelastic.


Definitions:

Incidental Interactions

Unplanned or spontaneous encounters between individuals that occur in the course of daily life.

Daily Basis

Refers to activities or practices that occur every day.

Job-Related Power

The capacity or ability of individuals to direct or influence the behavior of others or the course of events in the workplace.

Hostile Environment

Type of harassment (often with a sexual component) in which an employee’s rights are threatened through offensive working conditions or behavior on the part of other workers.

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