Examlex
Which of the following is most likely to have an inelastic demand curve?
Contract
An agreement which is legally binding and involves more than one party, enforceable by legal means.
Verbal Agreement
An agreement made by spoken words which may be legally binding, though often harder to prove than written agreements.
Revocation
Withdrawal of an offer before acceptance (must be communicated to the offeree).
Counter-Offer
A proposal made in response to an original offer, differing in terms and thereby rejecting the original offer.
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