Examlex
Which of these conditions exists when total body input of a particular substance equals its total body output
Inelastic Demand
A market situation where the demand for a product does not significantly change with a change in price.
Elastic Demand
A market condition where the demand for a product or service significantly changes in response to price changes.
Opportunity Cost
The cost of a missed opportunity; the value of the best alternative forgone.
Direct Price Discrimination
A pricing strategy where a seller charges different prices to different customers for the same product or service, based directly on the willingness to pay.
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