Examlex
Price elasticity of demand is defined as
Long Run
A period in which all factors of production and costs are variable, and firms can adjust all inputs and technology to reach a desired output level.
Output
The total amount of goods or services produced by a person, machine, business, or economy.
Prices
The sum of money anticipated, needed, or provided as payment for something.
Classical Dichotomy
The theoretical separation of nominal and real variables in the economy, suggesting that changes in the money supply only affect nominal variables and not real variables like output.
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