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Elastic
A term used in economics to describe a situation in which the supply or demand for a good or service is sensitive to changes in price.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase, ceteris paribus.
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in the price of that good, expressing the sensitivity of demand to price changes.
Price Elasticity
An evaluation of how shifts in a good's price affect the quantity of it demanded.
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