Question

when the elasticity of demand is greater than one, indicating a high responsiveness or quantity
demanded or supplied to changes in price
Elastic Supply
when the elasticity of either supply is greater than one, indicating a high responsiveness of quantity
demanded or supplied to changes in price
Elasticity
an economics concept that measures responsiveness of one variable to changes in another variable
Inelastic Demand
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when the elasticity of demand is less than one, indicating that a 1 percent increase in price paid by
the consumer leads to less than a 1 percent change in purchases (and vice versa); this indicates a
low responsiveness by consumers to price changes
Inelastic Supply
when the elasticity of supply is less than one, indicating that a 1 percent increase in price paid to
the firm will result in a less than 1 percent increase in production by the firm, this indicates a low
responsiveness of the firm to price increases (and vice versa if prices drop)
Price Elasticity
the relationship between the percent change in price resulting in a corresponding percentage
change in the quantity demanded or supplied​

Answer 1

Answer:

An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a high responsiveness to changes in price. Elasticities that are less than one indicate low responsiveness to price changes and correspond to inelastic demand or inelastic supply.