Examlex
The major problem with peer appraisals is the concern that peers have about potential retribution if their responses are identified.
Relatively Elastic
Describes a situation where the quantity demanded or supplied of a good or service changes significantly due to a small change in price.
Relatively Inelastic
This term describes a situation where the demand for a good or service changes by a smaller percentage than the changes in price, indicating that consumers are less sensitive to price changes.
Total Revenue
The total income generated by a company from its business activities, calculated as the unit price multiplied by the number of units sold.
Kinked-demand Curve Model
An economic model that suggests prices in an oligopoly are stable because firms will match price decreases but not price increases by competitors.
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