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. | ||
Revision as of 17:15, January 3, 2009
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.