Examlex
Consider the equation 2SO2 (g) + O2 (g) ⇔ 2SO3 (g) . Adding more oxygen will ________.
Income Effect
Refers to the change in the quantity of a product demanded by consumers due to a change in their income.
Price Sensitivity
The degree to which the price of a product or service affects consumers' purchasing behaviors or demand for that product or service.
Elastic
Describes a situation in economics where the demand or supply for a product changes significantly when its price changes.
Inelastic
Refers to a market for a product or service that is price insensitive; that is, relatively small changes in price will not generate large changes in the quantity demanded.
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