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Test 2
Definitions
5
Economics
Undergraduate 3
10/01/2007
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Term
elasticity
 Definition
Measures the responsiveness of the quantity demanded to a change in price
Term
coefficient of price elasticity
 Definition
greater than one indicates elastic demand
Term
elastic
 Definition
occurs if the coeffiecient of elasticity is greater than one
Term
inelastic
 Definition
occurs if the coefficient of elasticity is less than one
Term
unitary elasticity
 Definition
means that the percentage change in quantity demanded will be the same as the percentage change in price
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