Examlex
When the air is saturated,which of the following statements is NOT correct?
Price Inelastic
Describes a situation where the demand for a product does not change much in response to changes in its price.
Income Elastic
A measure of how the demand for a good or service changes in response to changes in consumers' income.
Price Inelastic
A characteristic of a good or service for which demand does not significantly change with a change in its price.
Price Support
The term used to refer to price floors applied to farm commodities; the minimum price that the government allows farmers to receive for farm commodities like wheat or corn.
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