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While unlocking his smartphone, Dave was prompted for his password. He had, however, forgotten his password and hence was not able to access his smartphone. By asking for the password, the smartphone is _____ Dave.
Price Elasticity of Demand
measures how much the quantity demanded of a good responds to a change in the price of that good, quantified as the percentage change in quantity demanded divided by the percentage change in price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price, holding all else constant.
Linear Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded, where the curve is a straight line.
Maximizing Total Revenue
The process of adjusting prices and output to achieve the greatest possible sales income.
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