Examlex
If the price increases by 20 percent and the quantity supplied increases by 40 percent, what does the elasticity of supply equal?
More Elastic
Describes a situation where the demand for a product or service is highly sensitive to changes in price or other factors, leading to significant variations in demand.
Price Sensitive
Refers to consumers' responsiveness or reaction to changes in the price of goods or services.
More Elastic
Refers to a greater responsiveness of demand or supply to changes in price.
Price Sensitive
The degree to which the demand for a product or service is affected by changes in its price.
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