Examlex
Identify two situations in which silence or nondisclosure constitutes a misrepresentation.
Perfectly Elastic
Describes a situation in economics where the quantity demanded or supplied responds infinitely to changes in price.
Down-sloping
A characteristic of certain economic graphs, like demand curves, which indicates that as the price of an item goes down, demand for it increases.
Demand
The quantity of a product or service that consumers are willing and able to purchase at various price levels, holding all other factors constant.
Supply Curve
A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply at those prices.
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