Examlex
The ability to rebound in the face of adversity is known as:
Increase in Demand
A situation where there is a rise in consumers' desire to purchase goods or services, leading to higher quantity demanded at every price level.
Constant Costs
Occur when the cost of producing an additional unit of a good does not change as the scale of production increases or decreases.
Inferior Good
A type of good for which demand decreases as the consumer's income rises, reversing the typical behavior observed with normal goods.
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced and in the context of production, firms are operating at an efficient scale.
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