Examlex
This is the first step in the assessment process:
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in its price, with high elasticity indicating a significant response to price changes.
Sensitivity of Quantity
The responsiveness of the quantity demanded or supplied of a product to changes in its price or other factors.
Sensitivity of Price
The degree to which the price of a product or service impacts consumer demand or the quantity supplied.
Inelastic Demand
Refers to a market situation where the demand for a product does not change significantly in response to a change in price.
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