economics 0.0 / 5 ? Business Studies & Economicsdemand and supply GCSECIE Created by: Usama RasheedCreated on: 26-04-19 07:00 demand it represents the willingness and ability of a consumer to purchase a good or a service 1 of 5 supply it represents the willingness d ability of a producer to supply a good or a service 2 of 5 equilibrium the intersection point of demand and supply also known as market 3 of 5 price elasticity of demand it measures the responsiveness to the percentage change in quantity to the change in price 4 of 5 elastic a small change in price brings a larger percentage change in quantity demanded 5 of 5
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