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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.
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PREFERENCES CHANGE, UTILITY ANALYSIS A disruption of consumer equilibrium identified with utility analysis caused by changes in the preferences for a good, which likely results in a change in the quantities of the goods consumed. The change in preferences alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for rusty deck screws.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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QJE
Quarterly Journal of Economics
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