Examlex
The price elasticity of supply is equal to
Marginal Changes
Small incremental adjustments to a plan of action, often analyzed in economics to understand the effects of slightly altering production, consumption, or investment.
Normative Economic Statements
Statements that reflect an opinion or judgment about what ought to be in the economy, focusing on what should happen or what ought to be.
Microeconomics: A Contemporary Introduction
An educational resource that provides an updated overview of the principles and applications of microeconomics.
Ceteris Paribus Assumption
The assumption used in economics that all other variables are held constant when analyzing the effect of one variable on another.
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