Examlex
A new model car from Ford Motor Company offers a keyless entry system that utilizes a four- letter code.How many different possible combinations are there for the code?
Substitutes
Goods or services that can be used in place of one another. When the price of one rises, the demand for its substitute is likely to increase.
Elastic
Describes a situation in which the supply or demand for a good or service is highly responsive to changes in price.
Long Run
A period in economic analysis where all factors of production and costs are variable, allowing for full adjustment to changes in the market or economy.
Short Run
A period in economic theory during which at least one factor of production is fixed, limiting the capacity to adjust to changes in market demand.
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