Examlex
What is the term for the slanted edge at the top of a needle?
Price Elasticity
A measure of how sensitive the quantity demanded of a good is to a change in its price.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping.
Supply Curve
A graph showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell at each price level.
Elastic
Describes a situation in which the quantity demanded or supplied of a good or service changes significantly in response to a change in price.
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