As I said the term elasticity isn't meaningless, but without defining the variables you are defining as elastic (or inelastic) it doesn't make sense, at least not without assumptions which obviously may or may be wrong.

Personally by default I'd assume that you were referring to price elasticity of demand - that is the relationship between changes in price and the resulting change in demand, however there are many other types of elasticity (see http://en.wikipedia.org/wiki/Elasticity_(economics)).

So if you want to explain exactly which variables "market elasticity" refers to then that would be great, but as "market" is a very loose term, on it's own it's not very useful.