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Questions tagged [inelastic good]

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CherryBlossomBloom CherryBlossomBloom Thu Jan 16 2025 | 7 answers 2234

What does it mean if a good is inelastic?

I want to understand the economic concept of inelastic goods. What characteristics define an inelastic good and how does it behave in the market when changes in price occur?

What does it mean if a good is inelastic?

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