price inelastic

price inelastic
price inelastic price inelastic inelastic

* * *

price inelastic UK US adjective (also price-inelastic [only before noun])
ECONOMICS used to describe a product or service for which the price does not change even if supply or demand go up or down: »

Gasoline has no substitutes and is price inelastic.

»

Price-inelastic commodities are often taxed fairly heavily.

price inelasticity noun [U]
»

Price inelasticity occurs when people cannot easily change their consumption patterns.


Financial and business terms. 2012.

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  • Inelastic — In e*las tic, a. 1. Not elastic. [1913 Webster] 2. (Economics) reacting little to changing price; of demand; as, Potatoes have an inelastic demand. [PJC] …   The Collaborative International Dictionary of English

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