Examlex
Why do we use the demand-and-supply graphs to explain human behaviours regarding production and consumption?
Perfectly Elastic
A situation where the demand or supply for a good or service is infinitely responsive to changes in price.
Long-Run Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied after all inputs have been adjusted to their optimal levels.
Increase in Demand
A shift in the demand curve to the right, signifying that consumers are willing to purchase more of a good or service at the same prices, due to factors like increased income or changes in tastes.
Equilibrium Price
The market price at which the quantity of a good or service demanded equals the quantity supplied, leading to market equilibrium.
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