Examlex
What is an acid?
Consumers Surplus
The gap between the aggregate sum consumers are ready and capable of paying for a good or service versus what they actually shell out.
Elastic Demand
A market condition where the quantity demanded of a good or service significantly changes in response to a change in price.
Inelastic Demand
A situation where the demand for a product does not significantly change with a change in price.
No-Name Brand
Products that are sold without a brand name, often packaged plainly and priced lower than branded counterparts, focusing on basic functionality.
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