Examlex
Which of the following can be used for reading utility meters without a person having to get out of a truck?
Elastic
Describes a situation where the demand or supply for a good or service significantly changes in response to changes in price.
Pure Competition
A market structure characterized by a large number of buyers and sellers, uniform products, and free entry and exit, leading to price taking behaviour.
Excess Capacity
A situation where a firm is producing at a level less than its potential maximum output, indicating underutilization of resources.
Monopolistically Competitive
An economic scenario where multiple companies offer products that are alike but not exactly the same, providing them with a certain level of influence over the market.
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