valley. (building construction). An inside angle formed where two sloping sides intersect. (geography). A generally broad area of flat, low-lying land bordered by higher ground.
In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.
Loading the player... Elastic is an economic term meant to describe a change in the behavior of buyers and sellers in response to a price change for a good or service. How the demand for the good or service reacts in response to a change in price determines its elasticity or inelasticity.