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

Abstract: A structural import demand ... price elasticity is close to zero in the short run but is slightly higher than one in the long run. A similar pattern hold for import elasticities: the ...

Elastic means the product is more sensitive to price changes, such as luxury goods and non-necessary items. Inelastic means the product is less ... price elasticity supply greater than one means ...