Examlex
Explain how the physical properties of the light reflected by an object contribute to the perception of its color.
Percentage Change
A mathematical calculation that indicates how much a number has increased or decreased in percentage terms relative to its previous value.
Price Elastic
Describes how sensitive demand for a product or service is to changes in its price; high elasticity indicates significant demand change with price fluctuations.
Nondiscretionary
Pertaining to expenses that are essential and not subject to personal choice, such as food, housing, and utilities.
Demand Curve
A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at different prices.
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