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When four-year-old Aislin goes on errands with her dad and whines for a treat, he stops somewhere and buys her a treat. But when she goes on errands with her mom, whining never ends up getting her a treat. Before long, Aislin only whines when she is going on errands with her dad. This is called:
Demand Determined
A characteristic of markets where the quantity of goods or services sold is primarily influenced by consumer demand.
Perfectly Inelastic
A market situation where the quantity demanded or supplied is completely unresponsive to price changes.
Demand Determined
A market characteristic where the quantity of products or services provided is primarily set by the level of demand.
Fixed Supply
A situation where the quantity of a specific good available in the market cannot be altered in the short term.
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