Elasticity of demand is an economics term meaning the relative change in quantity demanded for a good based on a particular price change. High price elasticity means that a particular change in price causes consumers to ... More »

Price elasticity, or price demand, is the measure of how much the demand of a product can respond to a change in its price. Price elasticity is an important concept in the law of supply and demand. More »

Investopedia defines price elasticity of demand as a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. The price elasticity of demand is equal to the pe... More »

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Elasticity is a term that describes how much the demand or supply for a product or service changes in relation to that product’s price. Each product on the market today has a different level of elasticity. Products consi... More »

Price elasticity of demand illustrates how the quantity demanded of a good is affected by the change in price of that good. The determinants of price elasticity of demand are the availability of substitutes, size, durabi... More »

The price elasticity of demand is important because it illustrates the effect that a change in price has on the quantity demanded of a particular good. It may be perfectly elastic, perfectly inelastic or somewhere betwee... More »

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Another term for "equilibrium price" in economics is "market-clearing price," which is a price point at which the market achieves a balance in terms of supply and demand. When the market reaches a market-clearing price, ... More »