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Inelastic |
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Inelastic What Does Inelastic Mean? An economic term used to describe the situation in which the supply and demand for a good or service are not affected when the price of that good or service changes. Investopedia explains Inelastic When a price change has no effect on the supply and demand of a good or service, that good or service is considered perfectly inelastic. An example of perfectly inelastic demand would be a lifesaving drug that people will pay any price to obtain. If the price of the drug increased dramatically, the quantity demanded would remain the same. Related Terms: How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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That situation coupled with inelasticity in demand for tires led to the crunch. The energy price rise related to the energy supply curve's inelasticity poses a serious problem for economic policymakers, particularly the Federal Reserve Board. The laughable consists of a certain mechanical inelasticity," observed French philosopher Henri Bergson, "just where one would expect to find the wide-awake adaptability of a human being. |
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