elastic demand

  

Definition

Demand that increases or decreases as the price of an item goes down or up. See also elasticity of demand.

Use elastic demand in a sentence

  • There was elastic demand for our product so we made sure to analyze everything our competitors were doing in the market.

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  • When a shortage of milk struck Great Britain, the effects of elastic demand caused prices to soar to new heights never before seen.

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  • Some of your products may have an elastic demand that will not always stay the same and you will have to deal accordingly.

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