Examlex
In what kind of monarchy does a powerful figure claim a hereditary or God-given right to rule?
Supply Curve
A graph showing the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.
Price Elasticity
A measure indicating the extent to which the demand for a merchandise changes following a price adjustment.
Short Run
A period in economics during which at least one input is fixed and cannot be changed by the firm.
Long Run
A period in which all factors of production and costs are variable and companies can enter or exit an industry.
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