Examlex
Regarding social competition, which of the following statements is FALSE?
Elastic
A term used in economics to describe the sensitivity of the demand or supply of a good or service to changes in its price.
Perfectly Inelastic
A situation in which the quantity demanded or supplied does not change regardless of any change in price.
Fixed Number
A specific, unchanging quantity that does not vary under different conditions or over time.
Supply Curve
A graph showing the relationship between the price of a good and the amount of it that producers are willing to supply at those prices.
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