Question

What Is Meant By Highly Elastic Demand

Answer 1

It states that the quantity purchased has an inverse relationship with price. When prices rise, people buy less. The elasticity of demand tells you how much the amount bought decreases when the price increases.  If a good or service has elastic demand, it means consumers will do a lot of comparison shopping.

Answer 2

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It states that the quantity purchased has an inverse relationship with price. When prices rise, people buy less. The elasticity of demand tells you how much the amount bought decreases when the price increases.  If a good or service has elastic demand, it means consumers will do a lot of comparison shopping.

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