elastic demand Meaning in the Cambridge English Dictionary Cambridge dictionaries logo
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Meaning of “elastic demand” in the English Dictionary

"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 ​bigchange in the ​number of ​productssold: Commodities that are likely to have many ​substitutes, such as ​publictransportationservices and ​green peas, tend to have more ​elasticdemand.
(Definition of elastic demand from the Cambridge Business English Dictionary © Cambridge University Press)
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