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Explain the difference between intrinsic motivation and extrinsic motivation.
Marginal Revenue
The extra revenue produced by the sale of an additional unit of a product or service.
Relatively Elastic
A characteristic of a good or service with a demand that is sensitive to changes in price, meaning that small changes in price lead to larger changes in quantity demanded.
Marginal Revenue
The surplus earnings obtained from the sale of one extra unit of a product or service.
Total Revenue
The overall income generated by a business from its sales activities, calculated by multiplying the price of goods by the quantity sold.
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