Figure 11.2
Use the diagram above to answer the following questions.
-Identify the letter that indicates the Masseter.
Definitions:
Total Revenue
The total receipts from sales of goods and services to customers; it is the unit price times the quantity of goods or services sold.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level.
Price Elasticity
A metric evaluating the sensitivity of the amount of a good purchased to price fluctuations.
Demand Curve
A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing to purchase.
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