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Technological progress makes the production possibilities frontier
Perfectly Elastic Demand
Product or resource demand in which quantity demanded can be of any amount at a particular product or resource price; graphs as a horizontal demand curve.
Graphed
A method of representing data visually using charts or plots to illustrate relationships between different variables.
Price Elasticity of Supply
A measure of how much the quantity supplied of a good responds to a change in its price.
Measured
Quantified or assessed through specific metrics or instruments for comparison or analysis purposes.
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Q421: In one week Alice can produce 5