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Automated Metering Infrastructure (AMI) is a technology that would allow consumers to exhibit price elasticity of demand under smart-grid environments. The market power of the generation and transmission companies can be mitigated when consumers respond to price signals. Such responses by consumers can also result in reductions in price spikes, consumer energy bills, and emissions of greenhouse gases and other pollutants. In this paper, we use the Electricity Market Complex Adaptive System (EMCAS), an agent-based model that simulates restructured electricity markets, to explore the impact of consumers' price elasticity of demand on the performance of the electricity market. An 11-node test network with eight generation companies and five aggregated consumers is simulated for a period of one month. Results are provided and discussed for a case study based on the Korean power system.