Examlex
What is cloud computing?
Elastic Demand Curve
Represents a situation where the quantity demanded of a good or service significantly changes in response to a change in price.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.
Monopolistic Competitor
A market structure where many firms sell products that are similar but not identical, thereby having some control over their prices.
Represent
To be a sign or symbol of something; or to act on behalf of someone or something in a legal or formal context.
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