Definition of "elasticity" []

• The condition or property of being elastic; flexibility. (noun)
• Physics The property of returning to an initial form or state following deformation. (noun)
• Physics The degree to which this property is exhibited. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "Further, he points out that respondents were using demand signals, though the term elasticity might not have been used."
• "The elasticity is surely affected by the velocity (pardon the pun) of gas price increases."
• "The more common substitute and better measure of elasticity is the amount of gasoline actually used."