Difference between revisions of "Elastic good"
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| − | An '''Elastic Good''' is a good that has [[Elastic Demand]]. 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]]. 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. |
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| + | ==See Also== | ||
| + | [[Inelastic good]] | ||
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 21:12, August 17, 2007
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.