Examlex
According to the philosopher Joel Feinberg,
Price-Elastic
Describes a situation where the demand or supply for a good or service significantly changes in response to price changes.
Price Elasticity
A measure of the responsiveness of quantity demanded or supplied to a change in price.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell.
Budget Proportion
Budget proportion refers to the allocation or division of an individual's or entity's budget among various expenses or categories.
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