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inelastic supply

inelastic supply in Culture

inelastic supply definition


Supply whose percentage change is less than a percentage change in price. For example, if the price of a commodity drops twenty-five percent and supply decreases by only two percent, supply is said to be inelastic. (See elasticity.)

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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