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In terms of economics, from the Economics Basics Web site:
"The degree to which a demand or supply curve reacts to a change in price is the curve's elasticity. Elasticity varies among products because some products may be more essential to the consumer. Products that are necessities are more insensitive to price changes because consumers would continue buying these products despite price increases. Conversely, a price increase of a good or service that is considered less of a necessity will deter more consumers because the opportunity cost of buying the product will become too high."
Under this definition, diamonds are not a necessity, and the quantity available for sale remains fairly constant, so they can be described as an inelastic product.
What else can I help you with?
Is salt an elastic or inelastic product?
Inelastic
A product that has few substitutes tends to be?
Inelastic
What is inelastic?
Inelastic is something which is not flexible. You cannot stretch any inelastic product, whereas you can easily stretch the products which are flexible.There are two types of elasticities in economics.1. Elastic2. inelastic
When the price of a product rises and the total revenue of sellers increase?
You have an inelastic product.
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
Is salt an elastic or inelastic product?
Inelastic
A product that has few substitutes tends to be?
Inelastic
What is inelastic?
Inelastic is something which is not flexible. You cannot stretch any inelastic product, whereas you can easily stretch the products which are flexible.There are two types of elasticities in economics.1. Elastic2. inelastic
When the price of a product rises and the total revenue of sellers increase?
You have an inelastic product.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
What does it mean if a product's demand is inelastic?
If a product's demand is inelastic, it means that changes in the price of the product do not significantly affect the quantity demanded by consumers. This indicates that consumers are not very responsive to price changes, and the demand for the product remains relatively stable.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
Is cotton elastic or inelastic product?
Cotton is an inelastic product, meaning its quantity demanded does not change significantly with price fluctuations. This is because cotton is a basic necessity and its demand remains fairly stable regardless of price changes.
What factors determine whether a product has elastic, inelastic, or unit-elastic demand in the market?
The factors that determine whether a product has elastic, inelastic, or unit-elastic demand in the market include the availability of substitutes, the necessity of the product, the proportion of income spent on the product, and the time frame considered.
What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
