Examlex
A business's relative market share is a proxy for its competitive strength within its industry.
Unit Elastic
A demand or supply situation where a percentage change in price leads to an equal percentage change in the quantity demanded or supplied.
Market Period
A very short time frame in which the supply of a good is completely inelastic, meaning that the quantity cannot be changed in response to a change in price.
Perfectly Inelastic
A situation where quantity demanded or supplied does not change in response to any price change.
Industry Supply
The total quantity of a product or service that all firms in a particular market or industry are willing and able to sell at various price levels.
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