Examlex
The idea that ultimate explanations for abnormal behavior are found when problems are analyzed in terms of their smallest components is known as
Price-elastic
A characteristic of a good or service indicating a high sensitivity to changes in its price, where a small price change leads to a significant change in quantity demanded or supplied.
Price Elasticity
A measure of the sensitivity of quantity demanded or supplied to changes in price.
Substitutes
Pairs of goods for which a rise in the price of one of the goods leads to an increase in the demand for the other good.
Related Diversification
Is used when a corporation believes it can achieve synergy among the various businesses that it owns.
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