Examlex
An eroded surface of metamorphic rocks on which a horizontal bed rests is called a
Price Sensitive
A term describing how the demand for a product changes in response to price changes; consumers are highly reactive to changes in price.
Elastic Demand
A situation in which the demand for a product or service significantly changes in response to a change in its price.
Elasticity of Demand
A measure of how responsive the quantity demanded of a good or service is to a change in its price.
Total Revenue
The total income received by a firm from the sale of its goods or services before any costs or expenses are deducted.
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