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Distinguish between: Relatively elastic demand and relatively inelastic demand
Distinguish between:
Relatively elastic demand and relatively inelastic demand
Relatively elastic demand
Relatively inelastic demand
In this case, the change in price leads to a proportionately large change in the quantity demanded.
In this case, the change in price leads to a proportionately less change in the quantity demanded.
It represents a flatter demand curve.
It represents a steeper demand curve.
Here, E
d
> 1
ere, E
d
< 1
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