Meaning of “elastic demand” in the English Dictionary

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"elastic demand" in Business English

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elastic demandnoun [ U ]

uk us

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.

(Definition of “elastic demand” from the Cambridge Business English Dictionary © Cambridge University Press)