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Peter strongly believes that global warming is a hoax. So he tends to only hang out with friends who think the same, and refuses to read any "balanced" scientific reports. Peter is demonstrating the concept of
Price Elasticity
An indicator of how the demand or supply quantity of a product reacts to price fluctuations.
Raise Profits
Strategies or actions taken by businesses to increase their net earnings or margins.
Two-part Tariff
A pricing strategy that involves charging an initial fee (fixed charge) plus a per-unit price for consumption beyond a certain threshold.
Marginal Cost
The boost in total expenditure linked with producing an extra unit of a good or service.
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