Examlex
What conditions favor the use of each form of payment?
Elastic Demand
A situation where demand for a product or service significantly changes in response to changes in price.
Inelastic Demand
A situation where the demand for a product or service does not significantly change in response to price changes, indicating consumers' strong need or preference for the product.
Sensitive to Price
Sensitive to price describes a situation where demand for a product is highly affected by changes in its price.
Maximize Profit
The primary goal of businesses to achieve the highest possible profit margin by optimizing revenue while minimizing costs.
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