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Questions and Answers
Elastic demand is when the change in demand is large when there is a change in ______.
Elastic demand is when the change in demand is large when there is a change in ______.
price
If a good’s price elasticity is 0 (no amount of price change produces a change in demand), it is perfectly ______.
If a good’s price elasticity is 0 (no amount of price change produces a change in demand), it is perfectly ______.
inelastic
If price elasticity is greater than 1, the good is ______; if less than 1, it is ______.
If price elasticity is greater than 1, the good is ______; if less than 1, it is ______.
inelastic
The availability of a substitute for a product affects its ______.
The availability of a substitute for a product affects its ______.
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Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its ______.
Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its ______.
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