Which accurately describes the difference between elastic and inelastic demand?

Elastic demand refers to a change in production by producers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in production as prices change.

Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.

Inelastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas elastic demand refers to the lack of change in demand as prices change.

Inelastic demand refers to a change in production by producers when the price of a good or service changes, whereas elastic demand refers to the lack of change in production as prices change.

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Ronan

31 March, 15:30

Which accurately describes the difference between elastic and inelastic demand?

Elastic demand refers to a change in production by producers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in production as prices change.

Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.

Inelastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas elastic demand refers to the lack of change in demand as prices change.

Inelastic demand refers to a change in production by producers when the price of a good or service changes, whereas elastic demand refers to the lack of change in production as prices change.

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Kobe Jarvis · Answer 1

Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.

Jaslene Burke · Answer 2

Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.