elasticity
/ˌiˌɫæsˈtɪsəti/
the responsiveness of demand or supply to price changes
elasticity in a sentence
“Luxury goods have high price elasticity of demand.”
Origin of elasticity
Greek elastikos propulsive, from elaunein to drive
Related Words
marginal cost
the cost of producing one additional unit
equilibrium
a state where supply equals demand
scarcity
the fundamental economic problem of unlimited wants and limited resources
utility
the satisfaction or benefit derived from consuming a good
monopoly
a market with only one seller
oligopoly
a market dominated by a few large sellers