Examlex
Which of the following happens during recessions?
Deadweight Loss
A reduction in economic effectiveness that happens when a good or service fails to reach or cannot reach its equilibrium.
Demand
The quantity of a good or service that consumers are willing and able to purchase at a given price.
Elastic
A characteristic of supply or demand that indicates a high sensitivity to changes in price.
Inelastic
Describes a situation where a change in price leads to a relatively small change in the quantity demanded or supplied.
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