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21-01-2022
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describes demand when a given change in price causes a relatively larger change in the quantity demanded

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mzkaryn2003 mzkaryn2003

21-01-2022

Answer:

Explain: Demand is elastic when a change in price causes a relatively larger change in quantity demanded. Demand is inelastic when a change in price causes a relatively smaller change in quantity demanded. Demand is unit elastic when a change in price causes a proportional change in quantity demanded.

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