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Explain under what conditions supply is very inelastic and elastic.
Cloud
A technology that allows for the storage and access of data and programs over the internet instead of on a local computer's hard drive.
Crude Oil
A natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a fuel and raw material.
Market Price
The current value or cost of a good or service as determined by supply and demand in the open market.
Bilateral Mistake
In contract law, a mistake made by both parties to a contract. Bilateral mistake allows rescission by either party. Also called mutual mistake.
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