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in oligopoly what is the nature of price elasticity

Q: What is the price elasticity in a oligopoly?

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in oligopoly what is the nature of price elasticity

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price elasticity is the degree of responsiveness of demand or supply to a small change in price.

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price elasticity=%change in quantity divided by %change in price

it's inelastic when the absolute value of price elasticity is between 0 and 1

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There must be a change in the price to calculate the price elasticity. Elasticity depends on the changes in the demand of a good or service based on the change in the price of a good or service.

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distinguish between price elasticity of demand and income elasticity of demand

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