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Elasticity - Coggle Diagram
Elasticity
Price of Elasticity
Consumers' responsiveness (or sensitivity) to a price change is measured by a product's price elasticity
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Perfectly Elastic
The price-elasticity coefficient is infinite. A small price reduction causes buyers to increase their purchases from zero to all they can obtain
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Law of Demand
Other things equal, consumers will buy more of a product when its price declines
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