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The Miller-Urey experiment showed that in an environment with conditions similar to those of Earth,
Inelastic
Describes demand that is not very sensitive to changes in price, meaning that quantity demanded changes little when prices change.
Price Elasticity
A measure of how much the quantity demanded of a good changes in response to a change in price.
Infinitely Elastic
Describes a perfectly elastic demand or supply curve, where the quantity demanded or supplied changes by an unlimited amount in response to any change in price.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in income.
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