Longman Dictionary of Contemporary English homepage

elasticity

 noun
     
e‧las‧tic‧i‧ty [uncountable]
1 the ability of something to stretch and go back to its usual length or size:
the skin's natural elasticity
2

elasticity of demand

technical the degree to which a change in the price of something leads to a change in the amount of it that is sold
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.

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