Examlex
What is the difference between a hyphen and a dash? Provide an example of the correct use of each.
Elastic
A characteristic of a demand or supply curve which shows a high responsiveness to changes in price.
Inelastic
Refers to a condition in which the demand or supply of a product or service remains largely unaffected by variations in its price.
Pure Monopolist
A market scenario where a single company or entity exclusively controls the entire supply of a particular product or service, without any close substitutes or competition.
Socially Optimal
A condition or outcome that maximizes societal welfare, considering both efficiency and equity among members of society.
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