Respuesta :
Demand is characterized as elastic when the quantity demanded changes greatly as the price changes and as inelastic when the quantity demanded changes just slightly as the price changes.
What are a few examples of how elastic and inelastic materials differ from one another?
The idea of elastic demand states that consumer demand will alter along with a good or service's price. Inelastic demand is defined as consumer demand that does not change proportionally as a product's price changes.
Because demand is affected by variations in price, luxury items and specific foods and beverages are considered elastic goods. Because consumer demand for items like nicotine and prescription drugs usually remains stable despite price changes, these products may be categorized as inelastic goods. When the price of a good or service changes but the amount demanded of it does not significantly change, the good or service is said to be inelastic.
Learn more about inelastic goods: https://brainly.com/question/15086008
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