Examlex
Relationships between two variables that can be described by a straight line are called relationships.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.
Price Elasticity
A gauge for the reaction of demand for a product to variations in its cost.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price.
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