Examlex
The number of ____ can be easily increased or decreased according to the rise and fall of business conditions.
Income Elasticity
A measure of how the demand for a good or service changes with a change in the consumer's income.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in its price, with high elasticity indicating greater responsiveness.
Total Expenditures
The sum of all spending or expenses incurred by an individual, household, or organization.
Perfectly Inelastic
describes a situation where the demand for a product does not change in response to changes in its price.
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