Elastic demand refers to a situation where the quantity demanded of a product or service is highly responsive to changes in price. When demand is elastic, consumers buy significantly more or less of a product as its price decreases or increases, respectively, illustrating a high sensitivity to price changes.

Elastic Demand

Elastic demand

quantity demanded

product or service

changes in price

demand is elastic

consumers buy

sensitivity to price changes

What is Elastic Demand and How Does It Affect Pricing?

What is Elastic Demand and Why Does It Matter?

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