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Inelastic Demand
Refers to a situation where demand for a product does not significantly change with a change in the product's price.
Higher Price
A situation where the cost of a good or service is increased beyond its standard or previous rate.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding opportunity costs.
Marginal Revenue
The extra revenue received from the sale of an additional unit of a product or service.
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