Examlex
What is ISO 9000?
Less Elastic
Describes a situation in which the demand or supply for a good or service is less responsive to changes in price.
Elasticity
An economic measure of the sensitivity of demand or supply to changes in price, income, or other factors, affecting the quantity consumed or supplied.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Total Revenue
The total income generated by a firm from the sale of its products or services before any costs are deducted.
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