inelastic demand
Definition
Situation where the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded.
inelastic demand is in the Economics, Politics, & Society subject.
inelastic demand appears in the definitions of the following terms: high price strategy and Ramsey pricing
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