QuestionDecember 17, 2025

4) What is the difference between an elastic and an inelastic good? square

4) What is the difference between an elastic and an inelastic good? square
4) What is the difference between an elastic and an inelastic good?
square

Solution
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Answer

Elastic goods are sensitive to price changes; inelastic goods are not. Explanation 1. Define Elastic Good An elastic good has quantity demanded that changes significantly with price changes. 2. Define Inelastic Good An inelastic good has quantity demanded that changes little with price changes.

Explanation

1. Define Elastic Good<br /> An elastic good has quantity demanded that changes significantly with price changes.<br />2. Define Inelastic Good<br /> An inelastic good has quantity demanded that changes little with price changes.
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