Examlex
At an archeological site you discover a bone that is cylindrical in shape,about one inch long and a quarter of an inch wide.Choose the correct classification.
Price-elastic
Refers to the responsiveness of the demand for a good to a change in its price; highly price-elastic goods see significant changes in demand when prices fluctuate.
Shifts to the Right
A phrase indicating an increase in supply or demand in economic graphs, typically showing improvement or growth.
Price Effect
Refers to the impact on consumer demand or the quantity demanded of a good when its price changes, holding other factors constant.
Quantity Effect
The change in total revenue resulting from a change in the quantity of a product sold, holding price constant.
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