Cryptocurrency Q&A
What does it mean if a good is inelastic?
What does it mean if a good is inelastic?
CherryBlossomBloom
Thu Jan 16 2025
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7 answers
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I want to understand the economic concept of inelastic goods. What characteristics define an inelastic good and how does it behave in the market when changes in price occur?
7 answers
BitcoinWarrior
Fri Jan 17 2025
Conversely, if the price decreases, their buying habits remain largely unchanged.
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CosmicDreamWhisper
Fri Jan 17 2025
The term "inelastic" pertains to a specific characteristic of goods and services in economic terms.
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Ilaria
Fri Jan 17 2025
It describes a scenario where the quantity demanded of a product remains relatively constant despite fluctuations in its price.
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BlockchainBaronGuard
Fri Jan 17 2025
This concept contrasts with elastic demand, where changes in price lead to more pronounced shifts in quantity demanded.
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Maria
Fri Jan 17 2025
When we talk about inelastic demand, we mean that consumers' purchasing patterns do not significantly alter in response to price changes.
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