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5 Cards in this Set
- Front
- Back
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Elasticity of demand |
A measure of how consumers react to a change in price. |
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Inelastic |
Describes demand that is not very sensitive to a change in price. |
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Elastic |
Describes demand that is very sensitive to a change in price. |
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Unitary elastic |
Describes demand whose elasticity is exactly equal to 1 |
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Total revenue |
The total amount of money a firm receives by selling goods or services. |
