Examlex
When Brenda and Don first got married, she was bothered by his snoring, but after 15 years of marriage she barely notices it anymore. This is an example of:
Highly Elastic
Refers to a market condition where the demand or supply for a product responds very significantly to changes in its price.
Highly Inelastic
Describes a situation where the quantity demanded or supplied of a good changes by a very small amount in response to changes in price.
Monopolistically Competitive
A market structure characterized by many firms selling similar but not identical products, with some control over prices.
Purely Competitive
A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit in the market.
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