Examlex
________are essential and necessary, but as soon as they reach a certain level of acceptance, they become secondary.
Cross Elasticity
A measure of the responsiveness of the demand for one product in relation to a change in the price of another product.
Substitutes
Goods or services that can be used in place of each other.
Elastic
A term that describes the sensitivity of the demand for a good or service to a change in its price, with "elastic" demand being significantly responsive to price changes.
Least Elastic
Describes a situation where there is the smallest responsiveness of the quantity demanded or supplied to changes in price, typically associated with goods and services for which there are no close substitutes.
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