________ Describes Technical or Specialized Terms Used Within a Particular

question 64

Short Answer

________ describes technical or specialized terms used within a particular field such as insurance,law,or medicine.

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Definitions:

Elastic Demand

A situation where the demand for a product or service significantly changes in response to price changes.

Close Substitutes

Products or services that can serve the same purpose or function, making them easily replaceable with one another in consumption or use.

Pollution Laws

Legislation that sets limits on the emission of pollutants into the environment, aiming to protect air and water quality.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single entity can influence the market price.