Figure 5.3. The figure shows the wage rate and the quantity of labor supplied in an unskilled labor market. 
-If the demand for a product is unit-elastic, a 25 percent increase in its price will result in:
Definitions:
Psychographic Characteristics
Attributes of consumers that relate to their personalities, values, attitudes, interests, and lifestyles.
Demographic Segmentation
The division of a market into segments based on variables such as age, gender, income, education, and family size to tailor marketing strategies.
Relationship Marketing
A marketing strategy focusing on long-term engagement and customer loyalty, rather than short-term goals or individual sales.
Customer Satisfaction
A measurement of how well a company's products or services meet or exceed the expectations of its customers.
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