Examlex
Charles Darwin
Elasticity
A measure of how much the quantity demanded or supplied of a good changes in response to changes in its price or other factors.
Demand
The desire and ability of consumers to purchase goods and services at given prices over a specific time period, reflecting their willingness to pay.
Lowest Elasticity
Refers to the product or service with the least responsiveness to changes in price, indicating that quantity demanded or supplied changes very little when prices fluctuate.
Graph
A diagram representing data, relationships, or functions systematically, with lines, bars, or other symbols.
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