Examlex
Which of the following is true of vasectomy?
Income Elasticity
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.
Normal Good
A good for which a rise in income increases the demand for that good—the “normal” case.
Total Revenue
The total income received by a firm from selling its goods or services, calculated as the unit price times the quantity sold.
Elastic Demand
A situation where the demand for a product changes significantly in response to changes in its price.
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