Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Goods and services can be either elastic or inelastic. Elastic means the ...

Reviewed by Michael J Boyle Fact checked by Michael Rosenston Goods and services can be either elastic or inelastic. Elastic ...

how much will the quantity demanded drop because of the higher price. (Elasticity is also defined for income effects on demand.) Three years ago a vivid example of supply elasticity played out in ...