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PRICE ELASTICITY OF DEMAND: The relative response of a change in quantity demanded to a relative change in price. More specifically the price elasticity of demand can be defined as the percentage change in quantity demanded due to a percentage change in demand price. The price elasticity of demand should be compared with the price elasticity of supply.

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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for the last item on a shelf.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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