Examlex
The basic idea of ______ is that the Earth's surface is divided into a few large plates that move slowly relative to one another.
Inelastic
A characteristic of demand whereby a change in price leads to a lesser change in the quantity demanded, indicating low sensitivity to price changes.
Price Ceilings
Government-imposed limits on how high a price can be charged for a product, service, or commodity.
Equilibrium Price
The charge where the amount of merchandise supplied equals the amount consumers are willing to purchase.
Inelastic Demand
A situation where the demand for a product does not significantly change with a change in price.
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