Examlex
A child's belief that rules are created by wise adults and they must be followed and cannot be changed is called moral relativism.
Linear Demand Curve
A graph showing a straight-line relationship between the price of a good and the quantity demanded.
Demand
The quantity of a good or service that consumers are willing and able to purchase at different prices.
Total Revenue
The total amount of money a firm receives from sales of its products or services, calculated by multiplying the price per unit by the total number of units sold.
Price-inelastic
Price-inelastic describes a situation where the demand for a product or service is relatively unresponsive to changes in its price.
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