Examlex
Some birds follow moving swarms of army ants in the tropics.As the ants march along the forest floor hunting insects and small vertebrates,birds follow and pick off any insects or small vertebrates that fly or jump out of the way of the ants.What is the specific benefit relationship?
Monopoly
An economic scenario where only one seller exists who offers a distinctive product to the marketplace.
Price Discrimination
A pricing strategy where different prices are charged for the same product or service in different markets or to different consumers.
Elastic Demand
A situation where the quantity demanded of a product is highly responsive to changes in its price.
Inelastic Demand
The condition when the quantity demanded of a product changes very little in response to changes in its price.
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