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February 21, 2024 

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SHORTAGE: A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. A shortage occasionally goes by the terms excess demand and sellers' market. A shortage causes an increase in the equilibrium price.

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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.

     See also | elasticity | perfectly inelastic | relatively inelastic | relatively elastic | unit elastic | price elasticity of demand | price elasticity of supply |


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PERFECTLY ELASTIC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: February 21, 2024].


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FALLACY OF MASS APPEAL

The logical fallacy of arguing that something is "correct" or "true" because a majority of the population thinks so. This is commonly used by both advertisers and politicians. Just because something is popular, does not mean it is "right." In fact, a cynic might argue that being popular probably makes it "wrong."

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for the last item on a shelf.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

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