Demand is price inelastic
HL onlyDemand is price inelastic when quantity demanded changes by a smaller percentage than price, giving a PED value below 1 in absolute terms.
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The syllabus topics that use this term.
Demand is price inelastic when quantity demanded changes by a smaller percentage than price, giving a PED value below 1 in absolute terms.
The syllabus topics that use this term.