Elastic vs. Inelastic Demand: Guide to Elasticity and Inelasticity
Written by the MasterClass staff
Last updated: Feb 25, 2022 • 4 min read
In microeconomics, whether demand is elastic or inelastic depends on factors like changes in price, substitute availability, and income level. Learn about elasticity of demand, inelasticity of demand, and the differences between the two terms.