Examlex
Which of the following is not an element of the social contract?
Widgets
A hypothetical or generic manufactured good often used in economic models and discussions.
Demand Elastic
The degree to which the demand for a product or service varies with its price. High elasticity indicates demand changes significantly with price changes.
Price Elasticity of Demand
An indicator of the sensitivity of the demand for a product to variations in its price.
Midpoint Method
A technique used to calculate the elasticity of demand or supply between two points on a curve by averaging the two points' prices and quantities.
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