Difference between revisions of "Elastic good"
Jump to navigation
Jump to search
| Line 1: | Line 1: | ||
| − | An ''' | + | {{move|Elastic good}} |
| + | 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 Also== | ==See Also== | ||
Revision as of 00:12, April 25, 2008
- It has been proposed that this page, :Elastic good, be titled, "Elastic good".
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.