Examlex
Fill in the correct labels for the following figure using the word bank below.
-A _________
Technological Changes
Innovations or improvements in technology that enhance productivity, efficiency, or quality in the production of goods and services.
Monopoly Power
The exclusive control or possession of the supply or trade in a commodity or service, often eliminating competition.
Elastic
Describes a market condition where the quantity demanded or supplied of a good or service is sensitive to changes in its price.
Inelastic
Describes a situation in economics where the demand or supply for a good or service is not significantly altered when the price changes.
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