inelastic demand

Cultural  

1. Demand whose percentage change is less than a percentage change in price. For example, if the price of a commodity rises twenty-five percent and demand decreases by only two percent, demand is said to be inelastic. (See elasticity.)

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Example Sentences

The vast majority of people who hire lawn services will continue to do so; i.e., inelastic demand.

From Seattle Times • Aug. 31, 2022

This is called an inelastic demand meaning a small response to the price change.

From Textbooks • Nov. 29, 2017

Both goods are considered by the consumer to have few substitutes and thus have inelastic demand curves, elasticities less than one.

From Textbooks • Nov. 29, 2017

Health care is one of the very few things for which the sellers face inelastic demand.

From New York Times • Jan. 4, 2017

Basic economics tells us that sellers facing inelastic demand will continuously raise prices until prices reach the elastic portion of the demand curve.

From New York Times • Jan. 4, 2017