Examlex
Identify the vertex and sketch the graph.
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Perfectly Inelastic
Describes a situation in which the quantity demanded or supplied does not change in response to a price change.
Demand Determined
implies that the quantity and price of goods and services are decided by the consumers' demand or preferences in the market.
Equilibrium Price
The price at which the quantity of goods supplied is equal to the quantity of goods demanded.
Elastic
A characteristic of goods or services with demand that is significantly responsive to changes in price.
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