Examlex
Explain the role of information technology in service industries.
Price Cut
A reduction in the selling price of goods or services, usually aimed at increasing demand or facing competition.
Elastic Demand
An instance where the demand for a product exhibits substantial sensitivity to adjustments in its pricing.
Price Rise
An increase in the cost of goods or services, often due to factors such as inflation, demand surges, or production costs.
Concept of Elasticity
An economic measure of the sensitivity of an economic variable, such as demand or supply, in response to a change in another variable, such as price.
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