Definitions
There is 1 meaning of the phrase
Elastic Demand.
Elastic Demand - as a noun
Demand that increases or decreases as the price of a good or service decreases or increases.
Example Sentences
"When the price of smartphones decreases, the demand for smartphones increases, indicating elastic demand."
"In general, basic necessities like food and water have inelastic demand, while luxury items have elastic demand."
"During economic recessions, consumers tend to have more elastic demand as they become more price-conscious."
"The elastic demand for concert tickets allows event organizers to increase prices for popular artists."
"Big discounts during seasonal sales can stimulate elastic demand for clothing."
