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Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating greater responsiveness.
Demand
The quantity of a good or service that consumers are willing and able to purchase at various prices over a given period of time.
Perfectly Elastic
A market condition where demand or supply responds infinitely at a particular price level and zero elsewhere.
Elastic
Describes a situation where the demand for a good or service significantly changes in response to price changes, indicating sensitivity to price.
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