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Discuss Unary,binary,and Ternary Relationships.Provide an Example of Each

question 61

Essay

Discuss unary,binary,and ternary relationships.Provide an example of each.


Definitions:

Elastic Demand

Refers to a market scenario where the quantity demanded of a product changes significantly when its price changes.

Marginal Revenue

The increase in revenue that results from the sale of one additional unit of a product or service.

Downsloping Curve

Typically refers to a demand curve in economics, indicating that as the price of a product decreases, the quantity demanded increases, and vice versa.

Price Lowering

Price lowering involves reducing the selling price of goods or services, often as a strategy to increase demand or competitiveness in the market.

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