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According to the graph shown, if the market goes from equilibrium to having its price set at $10 then:
Late Modernity
A period characterized by significant social, economic, and technological changes, following modernity and marked by globalization, digital technology, and complex identities.
Zygmunt Bauman
A Polish-British sociologist known for his analysis of the links between modernity and the Holocaust, consumerism, and globalization.
Elites
A select group of people with a disproportionate amount of wealth, privilege, political power, or intellectual influence within a society.
Formal Rationality
Refers to a mode of thought and decision-making based on clear rules, regulations, and procedures, often associated with bureaucratic institutions.
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