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| e·las·tic·i·ty [ i là stíssətee, ee là stíssətee ] |
noun |
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1. ability to return to shape: the ability of an object or substance to return quickly to its original shape and size after being bent, stretched, or squashed
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2. flexibility: the ability to incorporate changes or adapt to new circumstances easily
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3. economics relative change in economic variable: the relative change in an economic variable, e.g. demand, that occurs in reaction to changes in other variables, e.g. price or advertising input
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