Examlex
Punishing a child's misbehavior is most effective if there is a delay between the behavior and the punishment so that the child has time to mull over the consequence to come.
Demand Curve
A graphical representation showing the relationship between the quantity of a good consumers are willing to buy and its price.
Demand Function
A mathematical representation that describes the relationship between the quantity of a good demanded and its price, among other variables.
Inverse Demand Function
A representation of demand that expresses price as a function of quantity, rather than the conventional demand function which expresses quantity demanded as a function of price.
Price Elasticity
Measures the responsiveness of quantity demanded or supplied to a change in price.
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