inelastic(redirected from inelasticly)
Also found in: Dictionary, Thesaurus, Medical, Encyclopedia.
Of or relating to the demand for a good or service when quantity purchased varies little in response to price changes in the good or service. For example, the demand for medicines and medical services is generally inelastic because the quantity purchased by consumers is unresponsive to price changes. Producers of products and services facing inelastic demand curves have an easier time passing on price increases. Compare elastic.