If the price elasticity of demand for a good is .75 the demand for the good can be described as?

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1227580

2026-04-12 14:41

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If the price elasticity of demand for a good is 0.75, the demand for that good can be described as inelastic. This means that consumers are relatively unresponsive to price changes; a percentage change in price will lead to a smaller percentage change in the quantity demanded. In essence, even if the price increases or decreases, the quantity demanded will not change significantly.

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