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Today, emerging nonmetropolitan growth patterns suggest that the concept of a metropolitan-nonmetropolitan continuum is losing its usefulness.
Close Substitutes
Goods or services that can serve as replacements for each other with little loss of utility to the consumer.
OPEC Oil Cartel
An international organization of oil-producing countries that coordinates and unifies the petroleum policies of its member states to stabilize oil markets and prices.
Inelastic
Describing demand that does not significantly change with the price changes of a good or service.
Income Elasticities
Refers to the sensitivity of the demand for a good to changes in the income of the consumers who buy this good.
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