Examlex
The basic premise of reinforcement is that behaviour that is rewarded is likely to be repeated and behaviour that is punished is less likely to recur.
Quantity Demanded
The specific amount of a product that consumers are willing to buy at a given price, assuming all other factors are held constant.
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.
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