Demand for a good or service that does not increase or decrease in response to changes in price. Demand for goods that are life necessities, such as water, or economic necessities, such as fuel, tends to be inelastic, since people cannot greatly change how much of these goods they consume, even if the price changes dramatically.
Related information about inelastic demand:
- Inelastic Definition | Investopedia
When a price change has no effect on the supply and demand of a good or service, it is considered perfectly inelastic. An example of perfectly inelastic demand ...
- Price elasticity of demand - Wikipedia, the free encyclopedia
As the two accompanying diagrams show, perfectly elastic demand is represented graphically as a horizontal line, and perfectly inelastic demand as a vertical ...
- Inelastic Demand Definition - What Is Inelastic Demand
Inelastic demand is when people's buying habits don't respond very much to changes in the price.
- What is inelastic demand? definition and meaning
Definition of inelastic demand: A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.
- Elastic vs. inelastic? - Yahoo! Answers
Inelastic demand is the opposite. People will buy goods with an inelastic demand no matter what the price is. A good example of this would be ...
- Difference Between Elastic and Inelastic Demand | Reference.com ...
The difference between elastic and inelastic demand rests in the product itself. A product with elastic demand is a product that consumers will increase ...
- inelastic demand: Definition from Answers.com
inelastic demand Desire for a product or service that does not vary with increases or decreases in price.
- What Is an Elastic or Inelastic Demand Curve? | Chron.com
The demand curve is a concept in economics that plots the price of a product or service against how much of the product or service people buy. Typically, the ...