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Aric Purchased a Digital Camera at a Significant Discount

question 22

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Aric purchased a digital camera at a significant discount. Though the camera did not have all of the features he had wanted, he was pleased with the reduced price. Aric thought the photos he took with the camera were of a high quality, but he was disappointed that the camera did not have a larger memory and that its batteries needed to be replaced so frequently. Aric is best described as a ________ customer.


Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers.

Total Revenues

The sum of money a company earns from selling goods or providing services in a specific timeframe.

Demand Schedule

A table that lists the quantities of a good a consumer will buy at different prices.

Total Revenues

The complete sum of money earned from selling goods or services, prior to deducting any costs.

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