Examlex
Which of the following statements is least accurate?
Price Elastic
Refers to how sensitive the demand for a product is to changes in its price; high elasticity indicates demand significantly changes with price adjustments.
Price Inelastic
Describes a situation where the demand for a product does not significantly change with a change in its price.
Price Volatile
Referring to how quickly and to what extent the price of a commodity or asset can change within a short period of time.
Elastic
Describes a situation in economics where the demand or supply of a good or service is sensitive to changes in price.
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