Question

Which accurately describes the difference between elastic and inelastic demand?

Elastic demand refers to a change in production by producers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in production as prices change.
Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.
Inelastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas elastic demand refers to the lack of change in demand as prices change.
Inelastic demand refers to a change in production by producers when the price of a good or service changes, whereas elastic demand refers to the lack of change in production as prices change.

Answer 1

Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.

Step-by-step explanation:

Answer 2

Elastic demand refers to a change in demand by consumers when the price of a good or service changes, whereas inelastic demand refers to the lack of change in demand as prices change.