Define Price Elasticity of Demand (PED) and explain what inelastic PED means for a good.
Price elasticity of demand is the responsiveness of quantity demanded to changes in price in the market.If PED was to be inelastic, price changes have a small effect on changes in quantity demanded.
OW
Related Economics GCSE answers
All answers ▸Explain what the possible results could be from increasing the Euro/US dollar exchange rate (you are Euro)
Why are UK government gilt (bond) yields rising and why is that bad?
What is economic growth and how can it improve living standards?
Explain how exchange rates are determined in a floating exchange market