Suppose that the short$-$run price elasticity of demand for electricity is $0\mathrm{.}03,$ and the long$-$run price elasticity of demand is $1\mathrm{.}2.$ One would classify the short$-$run elasticity as being $\_\_\_\_\_\_\_\_\_\_\_$ and the long$-$run elasticity as being $\_\_\_\_\_\_\_\_\_\_\_\_.$

Multiple Choice

elastic; inelastic

elastic; elastic

inelastic; elastic

inelastic; unit elastic