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Elasticity

Demand for orange juice is elastic—when its price rises, consumers can switch to other juices. Demand for gasoline is inelastic—when its price rises, drivers can't switch to other fuels. Elasticity is useful in evaluating how public policies will work.

English
  • Network The Great Courses
  • Created June 1, 2024 by
    imhotep79
  • Modified June 3, 2024 by
    Estefania Baleiron TVDB