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definition: A change in price will cause a very small change in the quantity demanded
- Relatively unresponsive to a change in price connected key terms: elasticity of demand | calculating elasticity | unitary | elastic
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▪ Any ratio LESS than 1 is considered inelastic ▪ A change in price leads to a relatively small change in quantity demanded ▪ Consumers are fairly unresponsive to the price change |