Examlex
Procedural justice refers to using a fair process in decision making and making sure that others know that the process was as fair as possible.
Perfectly Elastic
A situation in economics where a small change in price leads to an infinite change in quantity demanded or supplied.
Inelastic
Refers to a scenario where the supply or demand for a product or service shows little to no reaction to price fluctuations.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, with price typically on the vertical axis and quantity on the horizontal axis.
Horizontal Axis
The “left-right” or “west-east” measurement line on a graph or grid.
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