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Research on practical problem solving shows that
Relatively Inelastic
Relatively inelastic refers to a situation where the demand for a good or service changes little when its price changes; the percentage change in demand is smaller than the percentage change in price.
Perfectly Elastic
This term describes a situation in market economics where the quantity demanded or supplied responds infinitely to changes in price.
Relatively Elastic
Describes a situation where the quantity demanded or supplied changes significantly in response to a change in price.
Unit Elastic
A demand or supply situation where a percentage change in price leads to an equal percentage change in the quantity demanded or supplied.
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