Jumping in a free-falling elevator is possible if you can reach the floor, as both you and the elevator experience weightlessness during free fall. While in the elevator, you are stationary relative to it, allowing you to exert an upward force when jumping. From an external perspective, both you and the elevator fall at the same acceleration due to gravity, but the elevator may reach terminal velocity faster due to its greater mass. If the elevator is at terminal velocity, you would not be able to jump effectively since you would not experience any upward force. The discussion highlights the complexities of free fall, inertia, and the effects of air resistance on both the elevator and the person inside.