Examlex
When supply shifts, supply elasticity affects the changes in equilibrium price and quantity.
Linear Demand Curve
A graphical representation showing a direct relationship between the quantity of goods consumers are willing to buy and the price of those goods.
Price Elasticity
A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.
Elasticity Supply
An indicator of the extent to which the supply of a product is sensitive to price fluctuations.
Straight-Line Demand
A demand curve that displays a constant relationship between price and quantity demanded, represented graphically as a straight line.
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