4. Price elasticity of demand affects your pricing power as a merchant selling products and services: (1) define price elasticity of demand; (2) using the demand and supply curves, show graphically how inelastic demand situation can occur, and elastic situation can occur as well; (3) answer the question of "between the elastic and the inelastic demand, which type of demand is preferred by the seller and which type of demand between the two is preferred by the consumer; (4) list two variables (factors) affecting the price elasticity of demand, (5) knowing what globalization is and does (in terms of its objectives), if globalization advances, which type of demand between the two (the elastic and inelastic demands) gains momentum and why