Examlex
What identifies the geographic location of features and boundaries on Earth, such as natural or constructed features, oceans, and more?
Elastic
Describes a situation in which the demand or supply for a good or service significantly changes in response to a change in price.
Inelastic
Describes a situation where the demand or supply for a good or service is unresponsive to changes in price.
Equilibrium Quantity
The amount of goods or services available that matches the amount desired by consumers at the price where supply and demand balance.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
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