Jun 19, 2025 · Inelastic means that a 1% change in the price of a good or service has less than a 1% change in the quantity demanded or supplied.

Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes. There are two types of elasticity for demand and supply, one is …

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 …

Jul 23, 2025 · Inelastic Demand is when changes in price result in relatively smaller changes in quantity demanded. In other words, consumers are not very responsive to price changes.

Inelastic demand is when the change in the price of a product or service does not cause a proportional or significant change in its demand in the economy. It refers to a type of elasticity …

Sep 18, 2023 · Inelastic demand means consumers are relatively price‑insensitive—quantity changes only slightly when prices shift (elasticity < 1). Elastic products usually have many …

The meaning of INELASTIC is not elastic.