Examlex
An exchange of two items of personal property (personalty) that belong to different general business asset classes qualifies for nonrecognition under § 1031 as long as both properties are used in the taxpayer's trade or business.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded for it at various prices.
Perfectly Elastic
A state of demand or supply in which the quantity demanded or supplied changes infinitely with any change in price.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.
Efficient Output
The maximization of output using the least amount of inputs or resources.
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