inelastic Definition
- 1not able to change or be changed easily
- 2not responsive to change in price or demand
Using inelastic: Examples
Take a moment to familiarize yourself with how "inelastic" can be used in various situations through the following examples!
Example
The demand for cigarettes is inelastic because smokers will continue to buy them even if the price increases.
Example
The supply of housing is inelastic because it takes a long time to build new houses.
Example
The company's pricing strategy was criticized for being too inelastic.
inelastic Synonyms and Antonyms
Synonyms for inelastic
Antonyms for inelastic
Summary: inelastic in Brief
The term 'inelastic' [ˌɪnɪˈlæstɪk] refers to something that is not easily changed or responsive to changes in price or demand. It is often used to describe the demand or supply of goods and services, as well as pricing strategies. Synonyms include 'rigid,' 'fixed,' and 'unyielding,' while antonyms include 'elastic,' 'flexible,' and 'responsive.'
