price inelastic
adjective
ukus(alsoprice-inelastic[only before noun])ECONOMICS
used todescribeaproductorservicefor which thepricedoes notchangeevenifsupplyordemandgo up or down:
Gasoline has nosubstitutesand ispriceinelastic.
Price-inelasticcommoditiesare oftentaxedfairlyheavily.
price inelasticity
noun[U]
Price inelasticityoccurswhenpeoplecannoteasilychangetheirconsumptionpatterns.