Business

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.