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Business component 1 > PED > Flashcards

PED Flashcards

1
Q

What is price elastic demand?

A

A change in price results in a greater change in demand.

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2
Q

What is price elasticity of demand?

A

The responsiveness of demand to a change in price.

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3
Q

What is price inelastic demand?

A

A change in price results in a proportionately smaller change in demand.

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Business component 1 (8 decks)

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