Difference between revisions of "Elastic good"
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An '''elastic good''' is a good that has [[Elastic Demand|elastic demand]]. If a product is elastic, consumers will be able to easily adapt to the change through substitution. If the price of an elastic good is raised, it causes a significant drop in demand. | An '''elastic good''' is a good that has [[Elastic Demand|elastic demand]]. If a product is elastic, consumers will be able to easily adapt to the change through substitution. If the price of an elastic good is raised, it causes a significant drop in demand. | ||
| − | ==See | + | ==See also== |
[[Inelastic good]] | [[Inelastic good]] | ||
[[Category:Economics]] | [[Category:Economics]] | ||
Latest revision as of 11:56, July 13, 2016
An elastic good is a good that has elastic demand. If a product is elastic, consumers will be able to easily adapt to the change through substitution. If the price of an elastic good is raised, it causes a significant drop in demand.