Examlex
Describe the three key elements of the HRP model.
Demand
The consumer's desire and willingness to pay a price for a specific good or service.
Elastic Demand
A market condition where the quantity demanded of a product changes significantly in response to price changes.
Inelastic Demand
A market situation where the quantity demanded of a product does not change significantly when its price varies.
Price Elasticity
A measure of how much the demand for a product changes in response to a change in its price.
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