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19 November, 20:09

When a change in quantity is very

responsive to a change in price, we

say demand or supply is this.

+2
Answers (2)
  1. 19 November, 20:24
    0
    Price increases Demand decreases. Price increases supply decreases.

    Explanation:

    Demand: P^S^ P >S>

    Supply: P^S> P>S^

    > represents decreases
  2. 19 November, 20:28
    0
    An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a high responsiveness to changes in price. An inelastic demand or inelastic supply is one in which elasticity is less than one, indicating low responsiveness to price changes
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