Examlex
Muscles that encircle tubes and act as circular valves are called
Elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price.
Inferior Goods
Goods for which demand decreases as the income of the consumer increases, opposite to normal goods.
Normal Goods
Goods for which demand increases as the income of consumers increases, and vice versa, holding all other factors constant.
Laffer Effect
Refers to the economic theory proposing that there is an optimal tax rate that maximizes government revenue without hindering economic growth.
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