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25 May, 22:39

The degree to which quantity demanded changes after a price change is called elasticity of demand. a substitute good. a complementary good. consumer demand.

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  1. 26 May, 02:34
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    The degree to which quantity demanded changes after a price change is called elasticity of demand. It is the degree to which changes in a goods price affect quantity demanded by consumers and shows how sensitive the demand for a good is. If a change in price results in a big change in the amount supplied the demand is elastic.
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