Examlex
Which of the following contains the two sectors whose percentage contribution to the real GDP has declined since 1900?
More Elastic
Describes a greater sensitivity of demand or supply to changes in price or other economic factors.
Perfectly Inelastic
A market situation where the quantity demanded does not change as the price changes.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity of that good or service that consumers are willing to buy at each price point.
Perfectly Elastic
Describes a situation in economics where a small change in price leads to an infinite change in quantity demanded or supplied.
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