Examlex
Credit department employees must have access to cash in order to exercise effective internal control over receivables.
Variable Cost
Costs that vary directly with the level of production or with volume of output.
Inelastic Demand
A market situation where the demand for a product does not significantly change with a change in its price.
Elastic Demand
A situation in which the demand for a product is sensitive to price changes, meaning that a small change in price results in a large change in the quantity demanded.
Fixed Cost
Costs that do not vary with the level of production or sales activities, such as rent or salaries.
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