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Demand for a Good Is Said to Be Inelastic If

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Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount.


Definitions:

Aphagic

Characterized by undereating.

Esteem Needs

According to Maslow's hierarchy of needs, these are the fourth level and involve the desire for respect, self-esteem, and recognition from peers.

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Actions or reactions exhibited by an individual in response to external or internal stimuli.

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