what is inelastic demand???
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Inelastic demand refers to a change in the price of a good result in no or slight change in the quantity demanded. The demand that changes, as the price for product increases or decreases, it is known as elastic demand or price elasticity of demand. Such a demand is termed as price-sensitive demand.
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Price elasticity of demand, is the degree to which the effective desire for something changes as its price changes. In general, people desire things less as those things become more expensive....
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