Explain the difference between elastic demand and inelastic demand
What will be an ideal response?
Elastic demand occurs when a change in price results in a substantial change in the quantity demanded. When a change in price has little effect on the quantity demanded, then demand is said to be inelastic.
Business
You might also like to view...
Flipcharts are great for creating ________ during brainstorming sessions
A) "linear slide decks" B) "modular modality" C) "structured understanding" D) "group memory" E) "groupthinking"
Business
A firm that wanted to conduct a short-term activity in order to boost consumer buying would use which of the following strategies?
A) Sales promotions B) Special offers C) Trade shows D) Point-of-sale displays E) Missionary selling
Business