History, 08.11.2019 23:31, Lindy5657

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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Which accurately describes the difference between elastic and inelastic demand?

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