Examlex
W.D.Ross endorsed utilitarianism.
Elasticity of Demand
An evaluation of how sensitively the demanded amount of a product responds to changes in price.
Demand Curve
An illustration that depicts the connection between how much of a product consumers want to buy and its cost.
Perfectly Inelastic
A situation in demand where the quantity demanded does not change regardless of the change in price.
Perfectly Elastic
This describes a situation where a small change in price leads to an infinite change in the quantity demanded or supplied.
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