Define Competitive Actions and Responses and Explain the Two Types

question 35

Essay

Define competitive actions and responses and explain the two types of competitive actions and responses.

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Definitions:

Homelessness

The condition of people without a permanent dwelling, such as a house or apartment, often unable to acquire and maintain regular, safe, and adequate housing.

Elastic Demand

A situation where the quantity demanded of a good or service significantly changes as a result of a change in price.

Elastic Supply

Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a small change in its price.

Inelastic Demand

A market situation where the demand for a product does not significantly change in response to price changes.