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Instructions: Please Define the Following Key Terms

question 19

Essay

Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-Pericles


Definitions:

Total Revenue

The total income generated from the sale of goods or services before any expenses are subtracted.

Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.

Income Elasticity

A measure of how much the demand for a product changes with a change in consumers' income.

Quantity Supplied

the amount of a good or service that producers are willing and able to sell at a given price.

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