Examlex
Which statement is not true?
Perfectly Elastic
A situation where a small price change results in an infinite change in the quantity demanded or supplied.
Supply
The total amount of a good or service available for purchase at any given price level in a market.
Inelastic Demand
A situation where the quantity demanded of a good or service changes very little when its price changes.
Luxury
Goods or services that are considered superior in quality and are often expensive, catering to a more affluent consumer base.
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