elasticity of supply and demand

(ECONOMICS) the degree of change in supply of a good or service in response to a change in the price offered by consumers (elasticity/inelasticity of supply); or degree of change in the quantity of goods and services demanded in response to a change in prices (elasticity/inelasticity of demand or demand elasticity). For example, the change in demand as a result of a price reduction may be small if the food is already in reasonable supply (inelasticity); and, where a fall in price reflects an overall increase in supply in a competitive market, this may also result in an overall reduction in the income of the suppliers.

单词	elasticity of supply and demand
释义	elasticity of supply and demand elasticity of supply and demand (ECONOMICS) the degree of change in supply of a good or service in response to a change in the price offered by consumers (elasticity/inelasticity of supply); or degree of change in the quantity of goods and services demanded in response to a change in prices (elasticity/inelasticity of demand or demand elasticity). For example, the change in demand as a result of a price reduction may be small if the food is already in reasonable supply (inelasticity); and, where a fall in price reflects an overall increase in supply in a competitive market, this may also result in an overall reduction in the income of the suppliers. FinancialSeeElasticity of Demand and Supply
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