Examlex
Please define the following key terms.
-the Red Terror
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Responsiveness of Quantity
The degree to which the quantity demanded or supplied responds to changes in price, income, or other factors.
Responsiveness of Price
The degree to which the demand or supply of a product changes in response to a change in price.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra satisfaction or utility gained.
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