Unit 7 - Price Elasticity Of Demand KW Flashcards by Seb Wallis | Brainscape

Q

Price elastic demand

A

A change in price results in a greater change in demand

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Q

Price elasticity of demand

A

The responsiveness of demand to a change in price

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Q

Price inelastic demand

A

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

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