Examlex
In a meeting, a group is told about some new ideas. Although no-one in the group likes the ideas, no-one challenges them within the group. What kind of group would this be considered to be?
Fixed Supply
A situation where the quantity of a good, service, or resource is limited and cannot be changed in the short run, often leading to inelastic supply.
Supply Curve
A graph showing the relationship between the price of a good and the quantity of that good that sellers are willing to supply.
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.
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