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1. Seller has ample time to adjust to price change.
2. Buyer's response to small price change is significant.
3. Buyers are faced with many options when deciding to make a purchase.
4. Sellers do not have much time to adjust to price change.
5. Buyers consider this item to be a necessity.
a. Elastic demand
b. Inelastic demand
c. Inelastic supply
d. Elastic supply
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ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re
Price elasticity of supply: It is the responsiveness of quantity supplied of a commodity to a change in the price of the commodity and measured as percentage change in quantit
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