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ELASTICITY ALTERNATIVES: Five categories of elasticity that form a continuum indicating the relatively responsiveness of a change in one variable (usually quantity demanded or quantity supplied) to a change in another variable (usually demand price or supply price). These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are most often are used to categorize the price elasticity of demand and the price elasticity of supply.
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SELLERS' MARKET A disequilibrium condition in a competitive market that has a shortage or excess demand. Because the quantity demanded is greater than the quantity supplied, sellers have the "upper hand" when negotiating. A sellers' market also goes by the more common term of shortage. The alternative to a sellers' market is a buyers' market, which has a surplus or excess supply.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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PPC
Production Possibilities Curve
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