quantity demanded or supplied.

5.2 Polar Cases of Elasticity and Constant Elasticity

Infinite or perfect elasticity refers to the extreme case where either the quantity demanded or supplied

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5 • Self-Check Questions 133

changes by an infinite amount in response to any change in price at all. Zero elasticity refers to the extreme

case in which a percentage change in price, no matter how large, results in zero change in quantity. Constant

unitary elasticity in either a supply or demand curve refers to a situation where a price change of one percent

results in a quantity change of one percent.

5.3 Elasticity and Pricing

In the market for goods and services, quantity supplied and quantity demanded are often relatively slow to

react to changes in price in the short run, but react more substantially in the long run. As a result, demand and
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