Inelastic (Adjective)
Meaning
Not elastic; "economists speak of an inelastic price structure".
Classification
All adjective clusters.
Examples
- The company's inelastic pricing strategy meant that they refused to lower their prices even when demand decreased.
- Inelastic materials, such as glass and metal, do not stretch or deform easily when subjected to stress.
- The inelastic nature of the labor market made it difficult for workers to find new jobs during the economic downturn.
- Economists speak of an inelastic price structure when the price of a good or service does not change in response to changes in demand.
- The inelastic supply of housing in the city meant that prices remained high even when demand decreased.