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Effective demand is the term economists use to refer to the actual demand that exists in a market. In other words, effective demand exists when a buyer has both the desire and the ability to buy a product. So the effective demand for sports cars might be measured by the actual number of sports cars sold at a certain price during a particular period.
The relationship between price and the quantity bought is guided by the Law of Demand. Inelastic demand is one of three types of demand elasticity. It describes the responsiveness of demand to price changes. Elastic demand: When the quantity demanded changes more than the price does.