Inverted: The elves are the inferior race, compared to the superior races. The dwarves are more tech-savvy, the goblins are more resourceful, the humans are more intelligent in general, and the normal elves are more generous.
Despite having superior technology and intelligence, the elves are humble to other races.
The elves are no more different than the other races and get along just fine with them.
They badmouth the other races in private.
Until they acquire advanced technology and decide to gloat over and brag about their discovery over the other races.
The elves are so different, that they believe that humans are cavemen, the dwarves are drunkards, and their cousins are morally retarded and socially backwards.
All races in the work are equal and see each other as such.
Enforced: "Hey, let's make the elves different from the books we read about them!"
Lampshaded: "We high elves are superior to all other races. The humans are rude, the dwarves are greedy, the goblins are violent, the moral elves are clueless, and they all try to find the technologies they don't share."
Invoked: A human proclaims that there are four elements of magic. An elf mage snidely tells him that they have eight elements of elven magic.
Exploited: Brendan the normal elf disguises himself as a foreign elf, and spies on the foreign elves to learn their secrets.
The foreign elves want all races to be equal, so they share their technology and/or magic with the other races.
"Hello, Keith. Can I take a look at your PDA for a sec? I know a lot about human technology!"
Discussed: "We mountain elves sure do get along with each other. I wonder if the wood elves, the goblins, or the dwarves envy us?"
Conversed: "Are those elves going to mock the humans for being inferior again?"
The elves are seen as arrogant and selfish by the other races, who refuse to realize that they are no more arrogant and selfish than them.