Examlex
Explain the difference between correlation and causation.
Price-inelastic
Describes a market situation where the quantity demanded of a product does not change significantly when its price changes.
Price-sensitive
Refers to the degree to which the demand for a product or service is affected by changes in its price.
Unitary-elastic
A demand or supply situation where the percentage change in quantity demanded or supplied is exactly equal to the percentage change in price.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.
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