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Defenation of 1 highly elastic 2 highly inelastic 3 perfectly elatic 4 perfectly inelastic |
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Answer» 1) When percentage change in quantity demanded is more than percentage change in price (3) When there is an infinite demand at a particular price and demand becomes zero at a slight rise in the price (4)When there is no change in demand with change in price These definitions are given in book |
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