Gasoline has no substitutes and is price inelastic.
»Price-inelastic commodities are often taxed fairly heavily.
Price inelasticity occurs when people cannot easily change their consumption patterns.
Financial and business terms. 2012.
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 … Financial and business terms
inelasticity — A statistic attempting to quantify the change in supply or demand for a good, given a certain price change. The more inelastic demand (characteristic of necessities), the less effect a change in price has on demand for the good. The more… … Financial and business terms
Price elasticity of demand — Not to be confused with Price elasticity of supply. PED is derived from the percentage change in quantity (%ΔQd) and percentage change in price (%ΔP). Price elasticity of demand (PED or Ed) is a measure used in economics to show the… … Wikipedia
1973 oil crisis — Further information: 1973 world oil market chronology 1973 Oil Crisis Other names Arab Oil Embargo The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the … Wikipedia
inelastic — inelasticity /in i la stis i tee/, n. /in i las tik/, adj. 1. not elastic; lacking flexibility or resilience; unyielding. 2. Econ. relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price. Cf.… … Universalium
Market for loyalties theory — is a media theory based upon neoclassical economics. It describes why governments and power holders monopolize radio, satellite, internet and other media through censorship using regulations, technology and other controls. It has also been used… … Wikipedia
inelastic — in‧elas‧tic [ˌɪnɪˈlæstɪk◂] adjective ECONOMICS used to say that a change in something, for example, the price of a product, makes another thing, for example the demand for it, change by only a small amount: • Coffee is a fairly inelastic… … Financial and business terms
Sticky (economics) — Sticky, in the social sciences and particularly economics, describes a situation in which a variable is resistant to change.[citation needed] Sticky prices are an important part of macroeconomic theory since they may be used to explain why… … Wikipedia
Deadweight loss — created by a binding price ceiling. Producer surplus is necessarily decreased, while consumer surplus may or may not increase; however the decrease in producer surplus must be greater than the increase (if any) in consumer surplus. In economics,… … Wikipedia
Differential and absolute ground rent — Part of a series on Marxism … Wikipedia
