Examlex
After about the ninth century,the expansion of the trans-Saharan and Indian Ocean trade networks stimulated increased traffic in African slaves.
Inelastic
Refers to a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.
Price Elasticity
The responsiveness of the quantity demanded or supplied of a good to a change in its price, a key concept in understanding consumer and producer behavior.
Crude Oil
A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a fuel source.
Price-Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.
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