Examlex
State and local governments subsidize college students with grants and low-interest loans.The loans and subsidies are examples of
Supply Curves
Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing and able to sell, holding other factors constant.
Long Run
A period in economics in which all factors of production and costs are variable, allowing all inputs to be adjusted.
Perfectly Inelastic
A situation where demand does not change at all in response to changes in price.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a certain price over a specified period.
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