Examlex
What is the process through which people learn to behave in society or in particular social settings?
Price Elasticity of Demand
The response level of the demand for a product to variations in its price, determined by dividing the percentage change in the demanded quantity by the percentage change in the price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price.
Unit Elasticity
Demand or supply for which the elasticity coefficient is equal to 1; means that the percentage change in the quantity demanded or quantity supplied is equal to the percentage change in price.
Inelastic
A description of a product or service's demand when consumers' demand is relatively insensitive to price changes.
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