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The patient is having abdominal surgery,and the resulting fluid and blood must be suctioned off.The doctor will insert which of the following into the wound?
Price Effect
The impact on consumer demand and company revenue as the cost of a good or service changes.
Quantity Effect
The impact on total revenue that results from changing the quantity of goods or services sold, holding all else constant.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively defined as the percentage change in quantity demanded divided by the percentage change in price.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust all inputs as needed.
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