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5 Cards in this Set
- Front
- Back
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Elasticity of demand |
Way that consumers respond to price changes |
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Inelastic |
Demand for a good you will keep buying despite a price increase |
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Elastic |
Demand will drop when prices increase |
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Unitary elastic |
Elasticity I'd exactly equal to 1 |
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Total revenue |
Amount of money the company receives by selling their goods |
