Meaning of “inelastic demand” in the English Dictionary

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"inelastic demand" in Business English

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inelastic demandnoun [ U ]


the situation in which a change in a product's price causes very little change in the amount of the product that is sold:

"Gasoline is a commodity with inelastic demand," he said.

(Definition of “inelastic demand” from the Cambridge Business English Dictionary © Cambridge University Press)