What does inelasticity mean?
noun
The state or quality of being inelastic, or the inability of something to change shape or size when subjected to stress or pressure. In economics, a measure of the responsiveness of quantity demanded or supplied to changes in price.
Example
"The inelasticity of demand for certain goods, such as luxury items, means that their prices can fluctuate significantly without affecting the quantity demanded."
Definition generated by AI and curated by RJS Tech Solutions LLP.