elasticity in a sentence
n.
📚 Grade Level: Grade 9, Grade 10, Grade 11, Grade 12
Definition
Elasticity is a measure of the responsiveness of demand to changes in price, indicating how much the quantity demanded will change when the price changes.
Sample Sentences
- The elasticity of demand can significantly affect pricing strategies in retail.
- In economics, elasticity measures how responsive consumers are to changes in price.
- The rubber band demonstrated remarkable elasticity as it stretched and returned to its original shape.
- Understanding the elasticity of the labor market is crucial for policymakers.
- Climate change poses challenges to the elasticity of natural ecosystems in adapting to new conditions.