Examlex
The range of optimality is useful only for basic variables.
Perfectly Elastic
A situation in economics where the quantity demanded or supplied changes infinitely with any change in price.
Price Elasticity
A measure of the sensitivity of quantity demanded or supplied to changes in price, indicating how a price change can affect market equilibrium.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level at any given time.
Total Revenue
The overall amount of money generated by a business from its sales activities before any expenses are subtracted.
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