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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 11 of 25

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  • Two general types of elasticity measurements:

  • Arc elasticity is an average measure of elasticity for discrete changes in two variables.
  • Point elasticity is a measure of elasticity for infinitesimally small changes in two variables.
  • The use of more sophisticated mathematics is helpful when calculated point elasticity.

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MARKET STRUCTURES

The manner in which markets or industries are organized, based largely on the number of participants in the market or industry and the extent of market control of each participant. Perfect competition represents the benchmark market structure that contains a large number of participants on both sides of the market, and no market control by any firm. Three market structure models with varying degrees of market control on the supply side of the market are: monopoly, monopolistic competition, and oligopoly. Three lesser known market structures with varying degrees of market control on the demand side of the market are: monopsony, oligopsony, and monopsonistic competition.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for slow moving vehicles with darkened windows.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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