Examlex
One characteristic that is typical of product layout is
Market Period
A period during which sellers are unable to change quantity offered for sale in response to a change in price.
Quantity Supplied
The amount of a product that producers are willing to supply at a given price.
Elasticity of Demand
This term measures how sensitively the quantity demanded of a good responds to a change in its price; a rephrased definition of Elasticity related to demand.
Very Inelastic
Describing a situation where the demand or supply for a good or service is largely unaffected by changes in price.
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