3.3 Flashcards
1
Q
elasticity of demand
A
measure of how consumers respond to price changes
2
Q
inelastic
A
demand that is not very sensitive to price changes
3
Q
elastic demand
A
demand that is very sensitive to price changes
4
Q
unitary elastic
A
demand whose elasticity is exactly equal to one
5
Q
total revenue
A
the total amount of money a company receives by selling goods or services
