Examlex
Four-year-old Brigid is likely to use more __________ when she is confused about how to proceed.
Price Effect
The impact on consumer demand and supply of goods caused by changes in the price of a product or service.
Quantity Effect
The impact on the total quantity bought or sold in a market as a result of changes in price.
Least Elastic
Refers to the good or service with the least sensitivity to changes in price, meaning the quantity demanded or supplied changes very little with price changes.
Immediate Market Period
A very short time frame in market analysis where the supply of goods is fixed.
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