The demand for product X might be strongly linked to the demand for a related product Y
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Inelastic Demand
When the price elasticity of demand is less than 1
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Inelastic Supply
When the price elasticity of supply is less than +1
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Elastic Demand
Demand for which the price elasticity is greater than 1
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Elastic Supply
Where the price elasticity of supply is greater than +1
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Cross Price Elasticity of Demand
Responsiveness of demand for good X following a change in the price of good Y. You can make a distinction between substitutes and complementary products
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Other cards in this set
Card 2
Front
When the price elasticity of demand is less than 1
Back
Inelastic Demand
Card 3
Front
When the price elasticity of supply is less than +1
Back
Card 4
Front
Demand for which the price elasticity is greater than 1
Back
Card 5
Front
Where the price elasticity of supply is greater than +1
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