Examlex
Under which circumstance can a firm that has a monopoly on water (which is a necessity) charge a high price for water
Elastic
Describes a situation in economics where the quantity demanded or supplied of a good changes significantly in response to a change in price.
Inelastic
Describes a situation where the demand or supply for a good or service is relatively unaffected when the price changes.
Elasticity of Demand
An indicator of the responsiveness of the quantity of a good demanded to its price alterations, showing how sensitive buyers are to changes in its cost.
Tax Burden
The total amount of taxes paid by individuals or businesses relative to their income, often discussed in the context of debates over fairness and economic policy.
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