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Scarcity is determined by the existence of bad alternatives.
Inelastic Demand
A situation where the demand for a product does not significantly change with a change in the product's price.
Total Revenue
The gross income a corporation achieves by trading products or delivering services across a certain span of time.
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, meaning a small change in price leads to a larger change in quantity demanded.
Price Elasticity
An indicator that measures the impact on the quantity of a good demanded when there is a change in its price level.
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