Examlex
Another name for the mean of a probability distribution is its expected value.
Economic Theory
A set of principles and models that explains how economies operate and how economic agents interact.
Inelastic
A term describing a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.
Elastic
Describes a situation in which the demand or supply of a product is sensitive to changes in price, meaning a small change in price leads to a large change in the quantity demanded or supplied.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of the good supplied.
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