Examlex
Sweating caused by hot weather is an example of this characteristic of life.
Infinitely Elastic
Describes a perfectly elastic demand or supply curve, where the quantity demanded or supplied changes by an unlimited amount in response to any change in price.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in income.
Supply Elasticity
The measure of responsiveness of the quantity of a good supplied to a change in its price.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market conditions.
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