Examlex
The demand by all the consumers of a given good or service is the ________ for the good or service.
Perfectly Elastic
Perfectly elastic refers to a situation where the quantity demanded or supplied responds infinitely to changes in price.
Perfectly Inelastic
A situation in which the quantity demanded or supplied of a good does not change in response to a change in price.
Elastic
Elastic refers to a situation where the demand for a product or service significantly changes in response to price changes.
Inelastic
Describes a situation where the quantity demanded or supplied of a good or service is relatively unresponsive to changes in its price.
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