Examlex
Victor has breakfast at the Kute Kafey.From the menu,he orders buttered muffins "homemade like your mother's," jam "made with loving care and fresh ingredients," and tea "fresh picked from the cool hillsides of an Indian plantation." The waiter has accepted his order.Actually,the muffins are nothing like Victor's mum's muffins and are baked in a factory;the jam is mass-produced from industrial-quality frozen fruit;and the tea is made with generic tea bags.Victor has a good case for breach of contract.
Buyer Responsiveness
The degree to which consumers adjust their demand for a product or service in response to changes in price or other factors.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.
Inelastic
Pertains to a scenario where the need for a product or service shows little reaction to fluctuations in its price.
Per Unit Price
The cost associated with a single unit of a product, illustrating the price at which one unit of the product can be purchased.
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