-In the above table, if the market is perfectly competitive and unregulated, the equilibrium output will be
Definitions:
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.
Total Revenue
The total receipts from sales of goods or services over a specific period before any expenses are deducted.
Elastic Demand
A condition in which the demand for a product is sensitive to price changes, showing a high responsiveness.
Perfectly Elastic
A situation in economics where the quantity demanded or supplied changes infinitely with any change in price.
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