Examlex
The fossil fish Tiktaalik made headlines in 2005 because it
Inelastic
Describes a scenario where the demand or supply of a good or service is not significantly changed when the price of that good or service changes.
Elasticity of Demand
The measure of how much the quantity demanded of a good responds to a change in the price of that good.
Quantities Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level.
Inelastic
Describes a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.
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