Examlex
A devaluation is a reduction in the official value of a currency.
Elastic Demand
A condition where the quantity demanded of a good or service significantly changes due to a change in its price.
Inelastic Demand
A market scenario where the quantity demanded of a good or service changes minimally in response to price changes.
Perfectly Inelastic
A situation where the quantity demanded or supplied of a good does not change regardless of the changes in its price.
Perfectly Elastic
A situation in economics where the demand or supply for a good is completely responsive to changes in price, resulting in an infinite elasticity.
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