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What are the criticisms of the POLC framework?
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given time.
Price Elasticity
Refers to a measure of how much the quantity demanded of a product changes in response to a change in its price.
Quantity Demanded
The amount of a product consumers are willing and able to purchase at a specific price.
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