Examlex
A pure inductor is connected to an ac power supply. In this circuit, the current
Elastic
Describes a situation in which the quantity demanded or supplied of a good or service changes significantly as its price changes.
Inelastic
A characteristic of goods whereby a change in price leads to a relatively smaller change in the quantity demanded or supplied.
Total-revenue Test
A method used to determine the price elasticity of demand by observing changes in total revenue as a result of price alterations.
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