Examlex
It is not always possible to determine whether a climate is humid or dry by knowing only the precipitation total.
Perfectly Elastic
A situation in economics where the quantity demanded or supplied responds infinitely or substantially to a change in price.
Tax Burden
The total amount of taxes paid by individuals or businesses, often expressed as a percentage of income or GDP.
Elasticity
The indicator of the responsiveness of the demand or supply of a product to shifts in key factors like price or income.
Perfectly Elastic
A perfectly elastic demand or supply refers to a situation where the quantity demanded or supplied changes infinitely in response to any change in price, represented by a horizontal line on a graph.
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