Examlex
Instructions: Identify the terms and briefly state their historical significance.
Grand Council
Cross Elasticity
A gauge for the reaction in the demand for one item when there's a price alteration in another item.
Cross Elasticity
The extent to which the demand for a certain good alters in response to price changes of another good.
Substitutes
Goods or services that can be used in place of each other, where an increase in the price of one leads to an increased demand for the other.
Income Elasticity
A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.
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