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5.1 Price elasticity of demand and price elasticity of supply  (Page 11/18)

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  • Card 11 / 18:
    elastic supply

    when the elasticity of either supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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