Examlex
Explain what the Global Entrepreneurship Monitor (GEM)is.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, as opposed to a normal good where demand increases with income.
Linear Demand Curve
A demand curve that shows a straight-line relationship between price and quantity demanded, suggesting a constant rate of change.
Constant Elasticity
refers to a condition in economics where the elasticity of a function, such as demand or supply, remains constant along the curve, indicating a proportional and consistent reaction to changes in other variables.
Relatively Elastic
Describes a situation where a product or service's demand or supply is significantly responsive to changes in price, indicating a greater percentage change in quantity demanded or supplied than the percentage change in price.
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