Difference between revisions of "Inelastic demand"
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(Created page with "Demand is said to be inelastic when the absolute value of the elasticity of demand is less than one. '''Inelastic demand''' implies large changes in p...") |
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Latest revision as of 20:15, 9 January 2013
Demand is said to be inelastic when the absolute value of the elasticity of demand is less than one. Inelastic demand implies large changes in price are associated with relatively smaller changes in quantity demanded by the market.