| 单词 | elasticity of demand |
| 释义 | elasticity of demand elasticity of demand (also price elasticity of demand) noun [C, usually sing., U]
(Economics ) the extent to which people want to buy more or less of a product or service when its price changes: The elasticity of demand for luxury goods tends to be higher than for necessities (= a small change in price results in a large change in the number of people buying them). Elasticity of demand measures how sensitive consumers are to changes in the price of a product. ⇨ INCOME ELASTICITY OF DEMAND
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