A product's supply elasticity is determined by several factors, including the length of time to produce the good, availability of production inputs, ease of storage of the finished product, excess production capacity and... 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 »

Elasticity of supply is the ability of the supply to change when other market forces, such as price and demand, change. If a supply remains unchanged when these other factors do change, it is known as an inelastic supply... More »

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Inflation generally increases when the gross domestic product (GDP) growth rate is above 2.5 percent due to several factors, such as demand for goods overstretching supply and higher wages in an ultra-competitive job mar... More »

Price elasticity of demand has four determinants: product necessity, how many substitutes for the product there are, how large a percentage of income the product costs, and how frequently its purchased, according to Econ... 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 »

Dr. Reed Fisher of Johnson State College lists the key characteristics of monopolistic competition as the number of firms in the market, the ease of access to the market and product differentiation. In monopolistic compe... More »