Final answer:
The correct answer to the question is (c) inelastic, indicating a scenario where price changes result in a less than proportionate change in quantity demanded or supplied.
Step-by-step explanation:
The type of elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied) is known as inelastic. In this case, a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied. Inelastic demand or supply curves reflect a situation where consumers or producers are not very responsive to price changes. For example, if the price of a product increases by 10%, and the quantity demanded only decreases by 5%, the demand is considered inelastic.