Examlex
State the general equation of a straight line. How is the gradient of a straight line calculated?
Elastic
Elastic describes a situation in economics where the quantity demanded or supplied changes significantly in response to price changes.
Price Elasticity
The extent to which changes in price affect the demand for a specific good.
Completely Inelastic
A situation where the quantity demanded or supplied does not change regardless of changes in price.
Infinitely Elastic
Describes a market situation in which the quantity demanded or supplied changes by an unlimited amount in response to any change in price, indicative of perfect competition.
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