Examlex
Which of the following consumer products is most likely to be classified as "unsought"?
Relatively Price Inelastic
A situation where the demand for a product changes by a smaller percentage than changes in price, indicating that consumers are less responsive to price changes.
Price Elasticity
A metric for evaluating how variations in the price of a commodity impact its demand level.
Unity
The state of being united or joined as a whole, often used in various contexts to denote harmony and agreement among members of a group or between entities.
Coefficient of Price Elasticity
The coefficient of price elasticity measures how much the quantity demanded of a good or service changes in response to a change in its price, indicating its price sensitivity.
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