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Fundamentalists read sacred texts literally.
Demand Curve
A visual representation indicating the link between the price of an item and the quantity of it that buyers seek.
Market-determined Price
The price of a good or service as dictated by the forces of supply and demand in a competitive market, without external interventions.
Elastic
Describes a situation in which the demand or supply for a good is sensitive to changes in price.
Firm
A business organization, such as a corporation or partnership, that sells goods or services in exchange for revenue.
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