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Ever since he suffered a brain injury by falling from a ladder, Zack's wife has continued to tell the doctor that his personality has changed. He used to be fun loving and carefree, but he is now more critical and yells at his children for seemingly little reason. Zack is likely to have suffered damage to the ________ of his cortex.
Elastic Demand
Product or resource demand whose price elasticity of demand is greater than 1, so that any given percentage change in price leads to a larger percentage change in quantity demanded. As a result, quantity demanded is relatively sensitive to (elastic with respect to) price.
Price Elasticity
A measure of how sensitively the quantity demanded of a good or service responds to a change in its price.
Supply
The total amount of a product or service available for purchase at any given time.
Demand
is the quantity of a product or service that consumers are willing and able to purchase at various prices at a given time.
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