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What led to the erosion of rail dominance in U.S. transportation?
Total Revenue
The total amount of money earned by a business from the sale of its goods and services.
Price-elastic
Refers to the responsiveness of demand or supply to changes in price, with high elasticity indicating significant response to price changes.
Quantity Demanded
The sum of a product or service that buyers are prepared and able to buy at a specific price.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, often used to gauge the sensitivity of demand.
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