Examlex
Research using new technologies has determined that
Inelastic Demand
Refers to a market situation where the demand for a product does not change significantly in response to a change in price.
Elastic Demand
A market scenario where the quantity demanded of a product or service significantly changes in response to a change in price.
Fast-Food
Quick service restaurants serving food that is prepared and served rapidly.
Consumer Surplus
The benefit obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay.
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