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COGNITIVE ASSESSMENT As you edit some photos from your summer vacation, you choose to make a beach photo much smaller in terms of its file size in order to be able to email it to your friends. Which tool will you use for this?
Elastic
A characteristic of a good or service with demand or supply that is responsive to changes in price, typically resulting in significant quantity changes when prices vary.
Inelastic
Describes a situation in which the demand for a good or service is relatively unresponsive to changes in price.
Total-revenue Curve
A graphical representation that shows how a company's total revenue changes in response to changes in the quantity of goods or services sold.
Linear Demand Curve
A representation of the relationship between the price of a good and the quantity demanded, characterized by a constant slope, indicating a steady change in demand relative to price.
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