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Phil listens to a talk radio program with great interest. He then listens to a second, similar program. Phil later finds it difficult to remember the details of the first program. What has probably occurred?
Wheat Demand
The total quantity of wheat that consumers are willing and able to purchase at a given price level.
Price Elasticity of Demand
A measure of the responsiveness of the quantity demanded of a good to a change in its price.
Bushel of Wheat
A unit of measure for volumes of dry commodities, typically used in agriculture for wheat, equivalent to approximately 35.24 liters.
Vertical Axis
In a graph or chart, the y-axis, which is perpendicular to the horizontal axis and usually represents the dependent variable in an equation or data set.
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