Examlex
What substance gives red blood cells their color?
Elasticity of Demand
A gauge for the responsiveness of how much a product is wanted relative to fluctuations in its price.
Inelastic Demand
A market situation where the demand for a product does not significantly change with a change in price.
Elastic Demand
A market condition where the demand for a product or service significantly changes in response to price changes.
Opportunity Cost
The cost of a missed opportunity; the value of the best alternative forgone.
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