In Code XK02303, the Seventh Character, 3, Denotes New Technology

question 24

Short Answer

In Code XK02303, the seventh character, 3, denotes New Technology group ______ .

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Definitions:

Perfectly Elastic Supply

describes a market situation where the quantity supplied can change infinitely in response to any change in price.

Elastic Demand

A situation where the demand for a product significantly changes in response to changes in the product's price.

Total Revenue

The sum of money a company earns from selling goods or providing services over a specified time frame.

Inelastic

Describes a situation where the demand or supply for a product does not significantly change with the alteration in price.