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Total Revenue
The total income that a company receives from its normal business activities, usually from the sale of goods and services to customers.
Inelastic Demand
A situation where the quantity demanded of a good or service changes little when its price changes.
Elastic Demand
A situation where the demand for a good or service significantly changes in response to changes in price.
Income Elastic
Describes a good or service for which demand changes significantly when consumer incomes change, indicating a strong connection between income level and purchasing behavior.
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