Examlex
Age-related macular degeneration results in the destruction of the cells responsible for peripheral vision.
Luxury Tax
A tax imposed on expensive goods and services considered to be non-essential or luxurious.
Yachts
Luxurious, privately owned boats that are used for leisure or sports.
Relatively Inelastic
Describes a situation where the demand for a good or service only slightly changes in response to price changes.
Relatively Elastic
A description of a situation where the demand for a good or service significantly changes in response to a change in price.
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