Examlex
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Price Elasticity of Demand
The degree to which the quantity demanded of a good changes in response to a change in its price, holding everything else constant.
Air Travel
The act of travelling from one place to another through the atmosphere, typically using airplanes.
Business Travelers
Individuals who travel primarily for business purposes, including conferences, meetings, and client visits.
Total Revenue Test
A method used in economics to analyze the elasticity of demand by measuring changes in total revenue with variations in price.
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