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If demand is inelastic, the percentage change in price is greater than the resulting percentage change in quantity demanded.
Karl Marx
A German philosopher, economist, and revolutionary socialist known for his works on capitalism and communism.
Friedrich Engels
A German philosopher, social scientist, and journalist, who, alongside Karl Marx, co-developed the communist theory.
Capitalistic Economic System
An economic system where trade and industry are controlled by private owners for profit, rather than by the state.
Private Individuals
Non-governmental persons who engage in economic transactions or investments on their own behalf.
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