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Definition elasticity in British English

elasticity noun

[uncountable] noun
/ˌiːlæˈstɪsəti/
1

the ability of a substance to stretch easily and then return to its original shape quickly

Example

the strength and elasticity of silk

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2

the ability to change when the situation changes

Example

the elasticity of the labour market

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3

the degree to which supply, demand etc changes according to other economic conditions that change, for example the price of goods

Synonyms and related words
Definition elasticity in British English