Examlex
Which area would most likely cause the least problems with keeping roads in good shape?
Inelastic
A characteristic of goods whereby a change in price leads to a relatively smaller change in the quantity demanded or supplied.
Total-revenue Test
A method used to determine the price elasticity of demand by observing changes in total revenue as a result of price alterations.
Demand
The volume of a commodity or service that buyers intend and can afford to buy across a range of prices over a set time frame.
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