Examlex
Trade between countries that is without restrictions is called
Relative Change
A metric that measures how much a particular quantity has changed over time relative to the initial amount.
Inelastic
A characteristic of a good or service whose demand or supply is relatively unresponsive to changes in price.
Elastic
A characteristic of a product or service that indicates its demand or supply significantly changes with a change in price.
Unit Elasticity
A situation where a change in the price of a product leads to a proportional change in the quantity demanded or supplied.
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