Examlex
Which is the CORRECT description of an outcome?
Price Effect
The impact that a change in the price of a good or service has on its demand or supply.
Total Revenue
The total income generated by the sale of goods or services, calculated as the product of the price per unit and the number of units sold.
Price Elasticity
A measure of how much the quantity demanded of a good changes in response to a change in price.
Total Revenue
The overall amount of money generated by a firm from its sales activity, reflecting its business performance.
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