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. An inelastic demand or inelastic supply is one in which elasticity is less than one, indicating low responsiveness to price changes
Answer:
Price increases Demand decreases. Price increases supply decreases.
Explanation:
Demand: P^S^ P >S>
Supply: P^S> P>S^
> represents decreases
