inelasticity Definition
- 1the inability of a substance or material to stretch or expand when subjected to force or pressure
- 2the lack of responsiveness or flexibility to changes in price, demand, or supply
Using inelasticity: Examples
Take a moment to familiarize yourself with how "inelasticity" can be used in various situations through the following examples!
Example
The inelasticity of the rubber band caused it to snap when stretched too far.
Example
The inelasticity of the market led to a decrease in sales despite a decrease in price.
Example
The inelasticity of the demand for luxury goods allows companies to charge high prices without losing customers.
inelasticity Synonyms and Antonyms
Synonyms for inelasticity
Antonyms for inelasticity
Summary: inelasticity in Brief
The term 'inelasticity' [ˌɪnɪlæsˈtɪsəti] refers to the inability of a substance to stretch or expand under force or pressure, as well as the lack of responsiveness or flexibility to changes in price, demand, or supply. Examples include the inelasticity of a rubber band and the inelasticity of the market, which can lead to decreased sales despite a decrease in price.
