Examlex
Explain why long-run labor demand curves slope downward using the concepts of the input-substitution effect and the output effect.
Price Elasticity
A measure of how much the quantity demanded of a product changes in response to a change in the product's price.
Demand
The consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
Price Elastic
Describes a situation where the quantity demanded or supplied of a good or service changes significantly due to changes in its price. Highly elastic means a small price change makes a big difference in demand or supply.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a particular price.
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