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    inelastic demand

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    Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. These goods are said to have a relatively inelastic demand. What would make a good have a level of demand that is relatively inelastic, and what are some examples?

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    A good has an inelastic demand if there are few substitutes. Since people have very less (or no) alternatives, they must ...

    Solution Summary

    Inelastic demand for goods is examined. The level of demand is determined after the change in price.