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Explain how instrumental learning uses reinforcers to change behavior.
Elastic Demand
An instance where the demand for a product exhibits substantial sensitivity to adjustments in its pricing.
Price Rise
An increase in the cost of goods or services, often due to factors such as inflation, demand surges, or production costs.
Concept of Elasticity
An economic measure of the sensitivity of an economic variable, such as demand or supply, in response to a change in another variable, such as price.
Supply and Demand
Economic model of price determination in a market that concludes that the price of a good is determined by its availability (supply) and the desires of those with purchasing power (demand).
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