Examlex
Correcting the externality that is present in a market increases the efficiency of the market. What type of externality exists in this market?
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
Midpoint Formula
A method for calculating the elasticity of demand or supply by using the average percentage change in both quantity and price.
Price Elasticity
This measures how sensitive the quantity demanded of a good or service is to a change in its price.
Midpoint Formula
A mathematical formula used to calculate the average or midpoint between two values.
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