Answer: At a fundamental level, think of IP this way: copyright protects your art and writings, trademark protects the names, symbols or slogans for products or services that you sell, and patents protect your inventions and their designs. Also, ideas cannot be protected, only the product of ideas.
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One of Pablo Picasso's famous paintings is called Guernica.
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I guess it's " A statement that takes a clear stand on an issue "
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"how buyers will cut back or increase their demand when price rises or falls"
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Hence the word elasticity.
Demand is defined by the number of people who buy your product during a certain period of time. It fluctuates greatly.
Cheaper prices will usually bring a lot more demand to a product, and increasing prices lowers demand. Businesses usually raise or lower prices depending on how much supply they have.
Hopefully this helps, I took business entrepreneurship this year in High School so we learned all about supply and demand.
