Examlex
A customs union that results in a sizable amount of __________ would be beneficial to global welfare.
Inelastic
A term describing demand when it changes by a smaller percentage than changes in price.
Elasticity of Demand
An index indicating the degree to which demand for a product changes in response to a price change, where an elasticity greater than one signifies a high level of responsiveness.
Income Elasticity
A measure of how much the demand for a good or service changes with a change in consumers' income.
Most Elastic
Refers to the responsiveness of demand or supply to changes in price, with the most elastic being the most sensitive to price changes.
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