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Answer to Question #331466 in Macroeconomics for pascaline

Question #331466

 Under what circumstances may the demand for the commodity be inelastic?     

 



1
Expert's answer
2022-04-21T13:46:55-0400

Inelastic demand is when a buyer's demand for a product does not change as much as its change in price. When price increases by 20% and demand decreases by only 1%, demand is said to be inelastic.


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