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10 cards from this deck
Consumer responsiveness to price changes
% change in quantity > % change in price
% change in quantity < % change in price
% change in quantity = % change in price
Price and total outlay move in same direction
Price and total outlay move in opposite directions
Makes demand more elastic
Necessities: inelastic; Luxuries: elastic
Elasticity increases as consumers adjust behaviour
Ensures stable tax revenue despite price rises
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