Examlex
If demand for a seller's product is elastic, a price increase will decrease total revenue.
Demand Determined
A characteristic of markets where the quantity of goods or services sold is primarily influenced by consumer demand.
Perfectly Inelastic
A market situation where the quantity demanded or supplied is completely unresponsive to price changes.
Demand Determined
A market characteristic where the quantity of products or services provided is primarily set by the level of demand.
Fixed Supply
A situation where the quantity of a specific good available in the market cannot be altered in the short term.
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