Examlex
The shape of Earth's magnetic field is approximately that of a ____________.
Infinitely Elastic
Describes a market situation in which the quantity demanded or supplied changes by an unlimited amount in response to any change in price, indicative of perfect competition.
Elastic
A term used in economics to describe a situation in which the supply or demand for a good or service is sensitive to changes in price.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase, ceteris paribus.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, expressing the sensitivity of demand to price changes.
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