demand characterizes the demand for goods and services produced by individual companies in an demand characterizes the demand for goods and services produced by all firms in industry; while that industry. O Increasing; decreasing Price elastic; price inelastic Price sensitive; price insensitive Price inelastic; price elastic O Price insensitive; price sensitive.

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Q: Consider a competitive market for which the quan- tities demanded and supplied (per year) at various…

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Q: Figure 6-1 Price B Quantity Refer to Figure 6-1. The section of the demand curve labeled "A"…

A: The responsiveness of the quantity demanded to change with the change in the price.

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A: Revenue is the total income earned by selling the products and services in the market.

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