price inelasticity

price inelasticity
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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