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Price Elastic
A term describing how responsive the demand for a good is to a change in its price.
Total Revenue
The total amount of money generated by a business from the sale of its goods or services before any costs or expenses are deducted.
Total Revenue
The total amount of money received by a company for goods sold or services provided during a certain period of time.
Price Inelastic
A characteristic of a good for which the demand does not significantly change with a change in its price.
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