Explain each part of this graph.
Definitions:
Perfectly Elastic
A situation in demand or supply where the quantity demanded or supplied changes by an infinite amount in response to any change in price.
More Elastic
Referring to a greater sensitivity of quantity demanded or supplied to changes in price, compared to goods or services with less elasticity.
Demand Elasticity
A measure of how much the demand for a product or service changes in response to changes in its price or other factors.
Elasticity of Demand
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
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