Examlex
What is the difference between a change in supply and a change in quantity supplied?
Total Revenue
The total amount of money a company receives from its business activities, such as sales of goods and services, before any expenses are subtracted.
Inelastic Demand
Refers to a situation where the quantity demanded of a good or service changes minimally in response to price changes.
Total Revenue
The total income received by a firm from selling its goods or services, calculated as the unit price multiplied by the quantity sold.
Law of Demand
A principle that states there is an inverse relationship between the price of a good and the quantity of it buyers are willing to purchase. As the price of a good increases, consumers will wish to purchase less of it. As the price decreases, consumers will wish to purchase more of it.
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