Demand elasticity refers to the degree of demand shifts when there is a change in other economic factors. It is how sensitive the demand for products or services is when there are changes in the different economic factors such as income, price, etc. Technically, the price elasticity of the product or services demand is related to market power. For instance, when the demand has less price elastic, an organization has more power. For example, in a monopoly market, an organization demand curve has the same price elasticity and similar to the market demand curve.