Examlex
Which term below means "moving backward"?
Unit Elasticity
Demand or supply for which the elasticity coefficient is equal to 1; means that the percentage change in the quantity demanded or quantity supplied is equal to the percentage change in price.
Inelastic
A description of a product or service's demand when consumers' demand is relatively insensitive to price changes.
Price Elasticity of Demand Coefficient
A metric that determines how the demand for a product reacts to adjustments in its price.
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