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Price Change
The variation in the selling price of goods and services over a period of time, influenced by factors such as supply and demand, production costs, and market competition.
Inelastic Supply
describes a situation where the quantity supplied of a good is not significantly affected by changes in price.
Quantity Supplied
The total amount of a product that producers are willing and able to sell at a given price over a specified period.
Price Rise
An increase in the general level of prices for goods or services over a period of time.
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