Examlex
What is management and list its various functions?
Price Elasticity
An indicator of the degree to which consumers' demand for a product is affected by fluctuations in its price, showing how sensitive buyers are to changes in cost.
Perfectly Elastic Demand
A market situation in which demand for a product is infinitely sensitive to changes in price.
Inelastic Demand
A situation where the demand for a product or service does not significantly change in response to price alterations.
Elasticity Value
A measure in economics indicating how the quantity demanded or supplied of a good responds to changes in price or income.
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