Examlex
If demand is highly responsive to a change in price, we say the demand is ________.
Induction
A reasoning process that involves making generalizations based on specific observations or instances.
Microeconomics
The study of economic behavior and decision-making in small units, such as households and firms.
Economic Units
Entities or groups, such as households, firms, or governments, that make economic decisions regarding consumption, production, and investment.
Specific Markets
Markets that are defined or specialized based on the particular goods or services they trade, such as technology markets, agricultural markets, or financial markets.
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