Examlex
A benefit of taxes over regulation to internalize externalities is
Total Revenue
The sum of money a company earns from selling its products or services, prior to deducting any costs.
Elastic
Describes a situation in which the quantity demanded or supplied of a good or service changes significantly as its price changes.
Inelastic
A characteristic of goods whereby a change in price leads to a relatively smaller change in the quantity demanded or supplied.
Total-revenue Test
A method used to determine the price elasticity of demand by observing changes in total revenue as a result of price alterations.
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