1. A demand schedule or curve reflects the fact that, as the price of a good or service rises, the quantity demanded generally falls.
2. If consumer tastes, incomes, expectations or the prices of other products change, the demand for a product will increase (in which case more is demanded at each possible price and the demand curve shifts to the right) or decrease (in which case less is demanded at each possible price and the demand curve shifts to the left).
3. If buyers can do without a product or find a close substitute, a price increase will cause the seller’s total sales revenue to fall, and demand will be “elastic.”
4. If buyers cannot do without a product and cannot find a close substitute, a price increase will cause the seller’s total sales revenue to rise, and demand will be “inelastic.”
5. Elasticity of demand is an important factor in decisions and trends regarding prices, incomes and taxes.
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