inelastic in a sentence
a.
📚 Grade Level: Grade 10, Grade 11, Grade 12
Definition
Inelastic refers to a characteristic of goods or services for which demand remains relatively constant despite changes in price.
Crossword clues for inelastic
Crossword clue ideas and answer hints for the word "inelastic".
- Demand stays steady despite price changes.
- Goods that do not respond to price shifts.
- Price rises don't affect quantity demanded.
- Items with consistent demand regardless of cost.
- Unresponsive to changes in market price.
Inelastic sentence examples
- The demand for essential medicines tends to be inelastic, as people need them regardless of price changes.
- In economic terms, inelastic goods are those for which demand does not significantly change even when prices fluctuate.
- The inelastic nature of certain luxury items means that their sales remain steady despite rising costs.
- During a crisis, the inelasticity of basic food items can lead to significant price increases without a corresponding drop in consumer demand.
- Understanding which products are inelastic can help businesses strategize their pricing models effectively.