An attribute in economics that usually describes a rather unresponsive relationship of the level of supply and demand for an item to changes in that item's price. For example, a commodity's demand would demonstrate price inelasticity if a substantial change in price did not did significantly affect the level of consumption observed for that commodity when all other factors are kept equal.
Browse by Subjects
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):