Examlex
Among the nations listed, which of the following has the most open economy?
Perfectly Elastic
A situation where a small change in price leads to an infinite change in quantity demanded or supplied, depicted as a horizontal line on a graph.
Perfectly Inelastic
A situation in which the quantity demanded or supplied does not change regardless of changes in price.
Purely Competitive
A purely competitive market is characterized by many buyers and sellers, homogeneous products, and no single entity having market control, leading to price determination by supply and demand forces.
Elastic
Refers to the degree to which the demand or supply for a product or service changes in response to a change in price.
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