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English definition of “elastic demand”

elastic demand

noun [U]
 
 
ECONOMICS a situation in which a change in a product's price causes a big change in the number of products sold: Commodities that are likely to have many substitutes, such as public transportation services and green peas, tend to have more elastic demand.
→ Compare inelastic demand
(Definition of elastic demand from the Cambridge Business English Dictionary © Cambridge University Press)
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