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definition: When the elasticity ratio is EXACTLY equal to 1
- If there is no close substitute for a product, the demand for that product will be INELASTIC connected key terms: elasticity of demand | calculating elasticity | elastic | inelastic
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▪ A change in price leads to the same percentage change in the quantity demanded ▪ Ex. Price increases 2% and there is a 2% decrease in the quantity demanded
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