Explanation:

- When the percentage change in demand is greater than the percentage change in price, it signifies elastic demand.

- Elastic demand: Consumers respond significantly to price changes. Therefore, a small price reduction significantly boosts demand.

- Inelastic demand: Here, demand changes little despite price changes. Thus, even major price shifts barely affect demand.

- Perfectly inelastic demand: Demand remains constant regardless of price fluctuations.

- Unitary elasticity: The percentage change in demand matches the percentage change in price exactly.