The accountant for Tiny Tots has compiled the following information about the company and its accounts:
Definitions:
Total Revenue
The total amount of money a firm receives by selling goods or services.
Price Elastic
Describes the responsiveness of the quantity demanded or supplied of a good to a change in its price; high elasticity indicates a significant response to price changes.
More Substitutes
The increase in alternative products or services that can replace or serve as options to a current product.
Demand Is Inelastic
A situation where the quantity demanded of a product changes very little in response to changes in its price.
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