Which statement is correct? Select the best answer. Answer Keypad Keyboard Shortcuts O Demand or supply is elastic when the ratio between the percentage change in the quantity demanded or supplied and the percentage change in the price is greater than one. Both price elasticity of demand and price elasticity of supply can be classified either as elastic or as inelastic. Mathematically, price elasticity of demand for any good can be positive or negative, depending on the two price points chosen for analysis