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We depart from the assumptions of classical economics when we focus on the relationship between
Same Elasticity
A condition where two or more products have identical responsiveness in quantity demanded or supplied when there is a change in price.
Perfectly Elastic Demand
Refers to a market situation where consumers are willing to purchase any quantity of the product at a certain price, but no quantity at any other price.
Very Elastic Demand
A situation where the quantity demanded of a product changes significantly due to changes in its price.
Perfectly Inelastic Demand
A situation where the demand for a product remains constant regardless of changes in its price.
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