Examlex
All of the following statements are true of the Aztecs except that
Price Ratio
The ratio of the prices of two goods or services, often used in the context of trade or barter.
Elasticity of Demand
A measure of how responsive the quantity demanded is to a change in price, indicating how a product's demand will fluctuate with pricing changes.
Marginal Rate
Often refers to the incremental increase in cost or benefit associated with a one-unit change in an economic activity.
Substitution
The economic principle where consumers replace more expensive items with less costly alternatives, or when firms swap higher-priced inputs with cheaper resources.
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