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While dining at a Chinese restaurant, Jaquan and Nelda order some fried rice with shrimp. When it comes, Jaquan says, "I really hope they use a lot of monosodium glutamate in their food!" Nelda, knowing quite a bit about the human system of taste, says "you must really enjoy foods that have the ________ flavor."
Elastic
A characteristic of a product or service that indicates its demand or supply significantly changes with a change in price.
Unit Elasticity
A situation where a change in the price of a product leads to a proportional change in the quantity demanded or supplied.
Demand
The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.
Unit Elasticity
A circumstance where the percentage variation in the quantity that is either demanded or supplied matches the percentage variation in its price.
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