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Describe the impact of an increase in government spending assuming no change in taxes and less than full-employment output.
Inelastic Demand
A situation where the demand for a good or service is relatively unresponsive to changes in price.
Total Revenue
The total income received by a firm from sales of its products or services.
Increase
A rise or growth in quantity, size, number, or some other measure.
Inelastic Demand
A situation where the demand for a good or service is not significantly affected by changes in its price.
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