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Economics paper 1 > Elastcity > Flashcards

Elastcity Flashcards

1
Q

What does price elastic mean

A

That the demand for a good is very responsive following a change in price

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2
Q

What does price inelastic mean

A

The demand for a good or service is responsive proportionally to a change in price

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Economics paper 1 (5 decks)

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