Examlex
Research on cultural differences in reasoning reveals that
Close Substitutes
Goods or services that can be used in place of each other with relative ease by consumers, based on similar features, functions, or effects.
Elastic
In economics, elasticity refers to the degree to which demand or supply responds to changes in price. High elasticity means a significant change in quantity with a small change in price.
Unit-elastic
A situation in which the percentage change in quantity demanded is equal to the percentage change in price, indicating a unitary elasticity of demand.
Labor Demand
Refers to the quantity of workers that employers are willing to hire at a given wage rate.
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