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Why did W. Lloyd Warner claim that the color bar in the United States in the 1930s looked like a caste system, and what was Oliver Cromwell Cox's response?
Kinked-demand Curve
A demand curve that has a distinct bend or kink at a certain price level, often used to describe oligopolistic markets where firms face a different elasticity of demand for price increases versus price decreases.
Relatively Elastic
Describes a situation where the quantity demanded or supplied of a good or service changes significantly due to a small change in price.
Relatively Inelastic
This term describes a situation where the demand for a good or service changes by a smaller percentage than the changes in price, indicating that consumers are less sensitive to price changes.
Total Revenue
The total income generated by a company from its business activities, calculated as the unit price multiplied by the number of units sold.
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