term1 Definition1term2 Definition2term3 Definition3
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If a small change in price is accompanied by a large change in demand. It is ...
Price elastic
If a large change in price is accompanied by a small change in demand it is ...
Price inelastic
3 factors that effect price elasticity of demand
1. Level of price
2. Income level
3. Availability of substitutes
3 factors that effect the price elasticity of supply
1. Spare capacity
2. Availability of stock
3. Time period
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