Answer:
Perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, and unitary elastic demand.
Step-by-step explanation:
The FIVE (5) responses to the price elasticity of demand are:
1. Perfectly Elastic Demand:
When a small change in the price of a product causes a major change in its demand, it is said to be perfectly elastic demand.
2. Perfectly Inelastic Demand:
A perfectly inelastic demand is one when there is no change produced in the demand for a product with a change in its price.
3. Relatively Elastic Demand:
Relatively elastic demand refers to the demand when the proportionate change produced in demand is greater than the proportionate change in the price of a product.
4. Relatively Inelastic Demand:
Relatively inelastic demand is one when the percentage change produced in demand is less than the percentage change in the price of a product. price of a product.
5. Unitary Elastic Demand:
When the proportionate change in demand produces the same change in the price of the product, the demand is referred as unitary elastic demand.