Meaning of “inelastic” in the English Dictionary


"inelastic" in Business English

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uk /ˌɪnɪˈlæstɪk/ us

ECONOMICS relating to a situation in which the amount of a product sold or supplied changes very little in relation to the product's price:

Cereal prices are considered "inelastic," meaning that a 10-percent price increase tends to boost supplies by only one or two percentage points.
Supply of oil is notoriously inelastic: it can only respond slowly to price changes.

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