Examlex
What is meant by the term "frag-out"?
Relatively Elastic
Describes a situation where a small change in price leads to a relatively larger change in the quantity demanded or supplied of a good or service.
Demand for Gasoline
Describes how much gasoline consumers want to buy at various prices, often influenced by factors like income and price of substitutes.
Price Inelastic
Describes a situation where the quantity demanded or supplied of a good or service changes little when its price changes.
Short Run
A time period in economics during which at least one input or factor of production is fixed and cannot be changed, limiting the immediate response to changes in demand or technology.
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