Examlex
A young mother is terrorized by the recurring fear that her children have been run over by a car on their way home from school. She cannot block out this fear even though her children do not cross any streets and never had any accidents involving a car. Her irrational fear is best described as ______.
Price Elasticity of Supply
The measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price.
Demand-Side
Pertaining to the aspects of the economy influenced by consumer spending and preferences, impacting overall demand for goods and services.
Market Failure
The inability of a market to bring about the allocation of resources that best satisfies the wants of society; in particular, the overallocation or underallocation of resources to the production of a particular good or service because of externalities or asymmetric information, or because markets fail to provide desired public goods.
Producer
An individual, company, or entity that creates goods or services to satisfy consumer demands.
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