Examlex
Why was the Malay Peninsula home to so many trading ports?
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.
Luxury Tax
A tax imposed on expensive goods and services considered to be non-essential or luxurious.
Yachts
Luxurious, privately owned boats that are used for leisure or sports.
Relatively Inelastic
Describes a situation where the demand for a good or service only slightly changes in response to price changes.
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