Examlex
When the absolute magnitudes, or brightnesses, of stars are plotted against their surface temperatures or colors, we obtain a(n) ______________ diagram.
Substitutes
Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.
Elastic
A characteristic of demand or supply where the quantity demanded or supplied responds significantly to price changes.
Imperfect Competition
A market structure characterized by a few sellers or buyers, creating an environment where the entities do not have to accept the market price and can influence it instead.
Inefficiency
The situation where resources are not used in the best possible way or when an economy or process could achieve more output without changing input levels.
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