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inn [45]
3 years ago
13

The law of demand states the basic price/quantity relationship of consumption incentives. What does the concept of "price elasti

city" add to that knowledge?
Social Studies
1 answer:
Daniel [21]3 years ago
5 0

Price elasticity of demand is a concept that seeks to measure the sensitivity of demand to the price of a good or service. Thus, if demand is elastic, it means that even small variations in price have a strong impact on demand. Conversely, if demand is inelastic, variations in the price of the good will not greatly affect demand, meaning consumers will continue to demand that particular good or service.

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2 years ago
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Vanyuwa [196]

does it have choices?

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2 years ago
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ehidna [41]

Answer:

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Explanation:

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