Examlex
_____________ refers to a stimulus that decreases the probability that a prior behavior will occur again.
Midpoint Method
A technique used to calculate elasticity by taking the average of the initial and final quantities and the initial and final values.
Total Revenue
The total income received by a firm from its sales of goods or services, calculated as the unit price times the quantity sold.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.
Inelastic
A situation in which the demand or supply for a good or service is relatively unresponsive to changes in price.
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