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Successive classification can lead to which outcomes?
Elastic Demand
A scenario where the quantity demanded of a product is highly sensitive to changes in its price.
Quantity Demanded
The total amount of a good or service consumers are willing and able to purchase at a specific price.
Total Revenue
The total income a company receives from selling its products or services before any expenses are subtracted.
Income Elasticity
A measure of how much the demand for a good or service changes with a change in the consumer's income.
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