Assertion: price elasticity | /r/HasProperty | elastic
Facets:
value: perfectly
type: DEGREE
value: relatively
type: DEGREE
Source sentences:
text: When the price elasticity of demand is relatively elastic
text: When the price elasticity of demand is perfectly elastic (E d is − ∞), any increase in the price, no matter how small, will cause the quantity demanded for the good to drop to zero.
text: If it results in a very large reduction in the amount of gas they want to buy, we say the price elasticity of demand for gas is elastic.
text: You can tell if price elasticity of demand is elastic or inelastic from the value given by the price elasticity of demand formula.
text: If firms have spare capacity, the price elasticity of supply is elastic.
text: However, if the price continues to rise, then suppliers would have to make major investments to continue increasing the supply, so the price elasticity of supply is elastic at first, when suppliers can put idled resources to work, then becomes more inelastic over the short term as prices continue to rise, not only because suppliers would have to make major investments, but it would take time for new suppliers to enter the market.