low responsiveness by consumers to price changes

inelastic supply when the elasticity of supply is less than one, indicating that a 1 percent increase in price paid

to the firm will result in a less than 1 percent increase in production by the firm; this indicates a low

responsiveness of the firm to price increases (and vice versa if prices drop)

infinite elasticity the extremely elastic situation of demand or supply where quantity changes by an infinite

amount in response to any change in price; horizontal in appearance

perfect elasticity see infinite elasticity

perfect inelasticity see zero elasticity

price elasticity the relationship between the percent change in price resulting in a corresponding percentage

change in the quantity demanded or supplied

price elasticity of demand percentage change in the quantity demandedof a good or service divided the

percentage change in price
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