Examlex
A speck of dirt that gets into your eye will naturally cause a blinking reflex.The speck of dirt is a(n) _____ stimulus.
Demand Function
A mathematical equation that describes the quantity of a good that consumers are willing and able to purchase at various prices.
Subsidy
Financial assistance granted by a government or other institution to lower the cost of producing goods or services or to support consumers directly.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in its price, with elasticity greater than one indicating a high sensitivity to price changes.
Supply Elasticity
A measure of how much the quantity supplied of a good changes in response to a change in price.
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