Examlex
Match up these following types of secondary legislation which can be introduced by the European Council and Commission to their meaning
-Recommendations and opinions
Elastic Demand
A situation where the quantity demanded of a good or service significantly changes as a result of a change in price.
Elastic Supply
Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a small change in its price.
Inelastic Demand
A market situation where the demand for a product does not significantly change in response to price changes.
Inelastic Supply
A scenario in which the amount of a product or service provided is not significantly affected by variations in its price.
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