| A | B |
|---|
| elasticity of demand | a measure of how consumers respond to price changes |
| inelastic | describes demand that is not very sensitive to price changes |
| elastic | describes demand that is very sensitive to a change in price |
| unitary elastic | describes demand whose elasticity is exactly equal to 1 |
| total revenue | the total amount of money a company receives by selling goods or services |
| change in price | causes change in the quantity demanded |
| more income | causes increase in demand |
| less income | causes decrease in demand |
