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Total Revenue
The total amount of money generated from sales of goods or services before any expenses are subtracted.
Elastic
Describes a situation in which the quantity demanded or supplied of a good or service significantly changes in response to a change in price.
Inelastic
Describes a situation where the demand or supply for a good or service is less responsive to changes in price.
Elastic Demand
A situation in economics where the demand for a product is sensitive to price changes, leading to a significant change in quantity demanded if the price increases or decreases.
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