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Elasticity
- 2. Elasticity refers to the
degree of responsiveness in
supply or demand in relation
to a change in price.
- 3. If Supply and Demand are considered to be
more elastic, then a small change in price will
create a large change in quantity.
- 4. If supply and demand are considered to be more
inelastic, then a small change in price will create
a small change in quantity.