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ellie10forlan

  • 2 years ago

Describe an example of a product that has highly elastic demand. Describe at least two factors that make this product's demand so elastic.

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  1. Tombrokaw
    • 2 years ago
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    A good or service is considered to be highly elastic if a slight change in price leads to a sharp change in the quantity demanded or supplied. Usually these kinds of products are readily available in the market and a person may not necessarily need them in his or her daily life. The product - A stock in a micro cap company or a gas or pharmaceutical company. Factors - The govt proposing a law that is in favor of the industry, media, and just regular speculation.

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