The demand for goods and services in a competitive market is highly elastic.

Name: The demand for goods and services in a competitive market is highly elastic.
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In a competitive market, consumers have many options to choose from, making their demand for a particular good or service highly sensitive to changes in price or other factors. This results in a high degree of elasticity of demand, meaning that even small changes in price or quality can lead to significant changes in demand.

The Demand for Goods and Services in a Competitive Market