Community and Government

Elastic vs. Inelastic Demand: Guide to Elasticity and Inelasticity

Written by MasterClass

Last updated: Oct 12, 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.