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Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in its price, indicating the sensitivity of consumers to price changes.
Perfectly Elastic
Describes a situation in economics where the quantity demanded or supplied responds infinitely or extremely to a change in price.
Total Revenue
The total amount of income generated by the sale of goods or services related to a company's primary operations.
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.
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