Examlex
Welfare policies that benefit only a small number of people are means tested (that is, one must fall below a certain income level to be eligible for them).
Price Elastic
A measure of how much the quantity demanded of a good responds to a change in the price of that good. It indicates the sensitivity of consumers to price changes.
Total Revenue
The total income received by a firm from the sale of its products or services before any expenses are deducted.
Total Revenue
The overall revenue a business earns from sales of goods or provision of services throughout a given timeframe.
Price Falls
Occurs when the market price of a good or service decreases over time.
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