Examlex
If the market for bottled spring water is characterized by a very elastic supply curve and a very inelastic demand curve,an outward shift in the supply curve would be reflected primarily in the form of
Supply Schedule
A table that shows the relationship between the price of a good and the quantity of that good a supplier is willing to offer for sale at each price level.
Equilibrium Price
The market price at which the quantity of goods demanded equals the quantity supplied, bringing the market into balance.
Market
A system or place where buyers and sellers interact to trade goods, services, or assets.
Legally Purchase
Refers to buying goods or services in accordance with the law.
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