Examlex
What term is used to describe quantities demanded that do not change much in response to a change in price?
Output
The quantity of goods or services produced by a firm or economy.
Total Revenue Curve
A graphical representation that shows how total revenue changes as the quantity sold of a good or service changes, holding all other factors constant.
Marginal Revenue
The increase in revenue that results from the sale of one additional unit of output.
Price Elasticity
A gauge for assessing how changes in price affect the supply or demand volumes of a product.
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