Examlex
According to the law of__________, there is a perceptual tendency to group together objects that are near one another.
Price Effect
The impact on consumer demand and producer behavior due to a change in the price of a good or service, holding other factors constant.
Quantity Effect
The impact on total revenue when the quantity sold changes while holding price constant.
Total Revenue
The total amount of money generated from the sale of goods or services before any costs or expenses are deducted.
Price Elasticity
The extent to which the amount of a good that is sought after moves due to a difference in price.
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