Examlex
Seawalls increase the amount of erosion along the shore because they deflect wave energy.
Demand Curve
A graph showing how the quantity demanded of a good or service varies with its price.
Elastic
A characteristic of a good or service where its demand or supply changes significantly when its price changes.
Average Costs
The total costs of production (fixed and variable) divided by the total quantity of output produced.
Central Planning Model
A system of economy where all choices regarding the creation and use of goods and services are made by the government.
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