Examlex
What should a manager "take away" from trait theory?
Very Elastic
A description of a demand or supply curve which shows that the quantity demanded or supplied changes significantly as price changes.
Unit Elastic
A situation in which a one percent change in price causes an equal percentage change in quantity demanded or supplied.
Very Inelastic
Describes a situation where the demand or supply for a product is barely affected by changes in the price.
Calculate Elasticity
entails determining the degree to which the quantity demanded or supplied of a good changes in response to a change in its price.
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