DEFINE:
DEMAND ELASTIC
DEMAND INELASTIC
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Key Differences Between Elastic and Inelastic Demand. ... Elastic Demand is when a small change in the price of a good, cause a greater change in the quantity demanded. Inelastic demand means a change in the price of a good, will not have a significant effect on the quantity demanded
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Elastic demand is an economic concept that occurs when the quantity of a product responds intensively to a change
and
Inelastic demand in economics is when people buy about the same amount whether the price drops or rises. That happens with things
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