Examlex
The § 2513 election to split gifts is less useful in community property states than in common law states. Explain.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
Supply Curves
Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing and able to sell, holding other factors constant.
Long Run
A period in economics in which all factors of production and costs are variable, allowing all inputs to be adjusted.
Perfectly Inelastic
A situation where demand does not change at all in response to changes in price.
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