Examlex
What happens when there is a surplus in a market?
Total Revenue
The total income received from sales of goods or services before any expenses are subtracted.
Elastic
A term used in economics to describe a situation where the quantity demanded or supplied of a good is sensitive to changes in its price.
Price Elasticity
An indicator showing the demand for a good's responsiveness to its price alterations.
Consumer Purchases
Transactions in which individuals buy goods or services for personal use or consumption.
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