Inelastic demand and elastic demand represent the degree of changes in demand due to economic factors such as price changes, ...
If demand for a good or service is relatively static (does not change) even when the price changes, demand is said to be inelastic; food and prescription drugs are examples of inelastic goods.
According to basic economic theory, the supply of a good will increase when its price rises. Conversely, the supply of a good ...
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