Examlex
What is the price elasticity of demand at any point on a perfectly elastic demand curve?
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.
Midpoint Method
A technique used to calculate the price elasticity of demand or supply, avoiding the problem of using different base values for percentage calculations.
Supply
The total amount of a product or service available for purchase at any given price point.
Price Elasticity
A gauge of the degree to which the amount of a good sought or offered adjusts when there's a change in its price.
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