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Explain the difference between actual evils and gratuitous evils.
Demand Curve Elastic
A characteristic of the demand curve where the quantity demanded by consumers changes significantly as a result of price changes.
Total Revenue
Total revenue is the total amount of money received by a firm from selling its goods or services before any expenses are deducted.
Price Elasticity
A measure of how sensitive the quantity demanded of a good is to a change in its price.
Demand Curve
A graph representing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping, indicating an inverse relationship between price and quantity demanded.
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